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Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and pictured in Warsaw, January 26, 2011. REUTERS/Kacper Pempel

Remittances to Jamaica pass US$2-billion threshold at mid-year

Arrangement of various world currencies including Chinese Yuan, Japanese Yen, US Dollar, Euro, British Pound, Swiss Franc and pictured in Warsaw, January 26, 2011. REUTERS/Kacper Pempel

The Bank of Jamaica (BOJ), in its latest remittance report, is indicating that overall remittance inflows for the January to July 2021 period into Jamaica totalled US$2.028 billion.

In the month of July, the last period for which data are available, net remittance inflows was US$302.4 million. At that level, it was up 10.1 per cent or US$ 27.7 million over the inflow for July 2020.

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

The largest source market of remittance flows to Jamaica for July 2021 was the USA which accounted for 70.4 per cent of total flows up from 69.3 per cent recorded for July 2020. Other source countries which contributed a notable share of remittances for the month were Canada at 11.4 per cent, followed by the UK and the Cayman Islands at 10.2 per cent and 4.8 per cent, respectively.

For the January to July 2021 period, remittance inflows to Jamaica grew by 35.0 per cent, which is lower than that of El Salvador which registered a growth rate of 45.0 per cent. Similarly, Guatemala and Mexico registered growth of roughly 42.7 per cent and 23.9 per cent, respectively, for the period.