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Jamaica: Remittances rebound in June: CARICOM BUSINESS

Money transfers to Jamaica are projected to have grown 14.1% for the June quarter, reflecting a recovery from the initial onslaught of the COVID-19 pandemic, based on Bank of Jamaica, BOJ, preliminary estimates.

For the month of June alone, remittances were up 42%, the central bank governor said last week. The data validates the signs of resurgence in the remittances that the market leader had detected prior to the close of the quarter.

The BOJ estimate of the June quarter’s improvement was a footnote in its Quarterly Monetary Policy Report, with no accompanying nominal figure. However, given that remittance inflows were US$603.2 million in the April-June 2019 period, the 2020 levels should amount to approximately US$688 million. BOJ reports monthly on remittances, but its most recent data is up to April, at which point the market was down 1.2%, year on year, to US$748 million, after declines in inflows in March and April. (JG)

Extract from the CARICOM BUSINESS Newsletter Vol. 3 No. 36.

Read full Newsletter by clicking on the Image and Link below:

Caricom Business September 4 2020_vol-3_no-36

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