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Jamaica’s remittances fall in September

The Bank of Jamaica (BOJ) in its monthly remittance report indicates that in September 2021, net remittance inflows amounted to US$282.8 million, a decline of 16.8 per cent or US$ 40.7 million in comparison to September 2020.

However, overall remittance inflows for the January to September 2021 period totalled US$2,605.1 million. Year-to-date remittance inflows to Jamaica grew by 24.4 per cent.

A view of the Noel Nethersole statue standing in front of Bank of Jamaica in downtown Kingston, Jamaica. (Photo: Miami Herald)

The nine month-performance was lower than that of Guatemala, which registered a growth rate of 36.6 per cent. Similarly, El Salvador registered growth of 31.0 per cent for the period.

The largest source market of remittance inflows to Jamaica for September 2021 was the USA. Remittances from the USA accounted for 69.7 per cent of total inflows, up from 67.4 per cent recorded for September 2020.

A pedestrian passes Western Union and MoneyGram International stores. (Photo: Bloomberg)

Other source countries which contributed a notable share of remittances for the month were Canada at 11.6 per cent, followed by UK and the Cayman Islands at 10.3 per cent and 5.0 per cent, respectively.