CBR
search

An aerial view of New Kingston, Jamaica. (Photo: wikicommons)

Remittances climb 38.4 per cent in Jamaica

An aerial view of New Kingston, Jamaica. (Photo: wikicommons)

The Bank of Jamaica (BOJ) indicates that net remittance inflows continue to climb upwards to US$239.2 million, an increase of 38.4 per cent or US$66.3 million relative to September 2019.

The Bank of Jamaica in downtown Kingston, Jamaica (Photo: Jamaica Observer)


The largest source market of remittances flows to Jamaica for September 2020 was the USA, whose share increased to 67.4 per cent, from 64.8 per cent recorded for September 2019.

The BOJ said the improvement in net inflows to the island is largely reflective of an increase in gross remittance inflows of 34.4 per cent or US$66.5 million partly offset by an increase 0.9 per cent or US$0.2 million in outflows. 

The increase in gross remittance inflows was driven by an increase of 39.5 per cent and 6.2 per cent in Remittance Companies and Other Remittances, respectively.

For the fiscal period April to September 2020 net remittance inflows of US$1412.3 million increased by 30.0 per cent or US$325.9 million relative to the previous corresponding period.

This improvement, the BOJ indicates, emanated from a 24.9 per cent or US$305.1 million increase in remittance inflows, further driven by a decrease of 15.2 per cent or US$20.8 million in outflows. 

The increase in inflows resulted from a growth of 28.6 per cent in remittance companies and an increase of 5.9 per cent in Other Remittances.

The largest source market of remittances flows to Jamaica for September 2020 was the USA, whose share increased to 67.4 per cent, from 64.8 per cent recorded for September 2019.

Other source countries which contributed a notable share of remittances for the month were Canada at 12.0 per cent, followed by UK and the Cayman Islands at 10.6 per cent and 6.3 per cent, respectively.

Overall, the January to September 2020 period had remittance inflows totalling US$2094.31 million.