Remittances To Jamaica Show Growing Increase

The Bank of Jamaica (BOJ) reported that inflows from remittances for November was US$220.9 million – a 25.7 percent or US$45.2 million increase versus November 2019.

The Central Bank noted that there was an increase in gross remittance inflows of 18.7 percent or US$37.5 million which coincided with a decrease of 32 percent or US$7.7 million in outflows.
The U.S. represents the largest source of remittance inflow — 68.1 percent.

This was followed by the United Kingdom at 11.6 percent, Canada 10.2 percent, and the Cayman Islands 6.1 percent.                     

Meanwhile, Bank of Jamaica data show that between January to November last year, Jamaica’s growth rate in remittance inflows of 19.3 per cent was higher than that of Mexico which registered a growth rate of 12.1 percent.

Guatemala and El Salvador also registered growth for the period, with increases of roughly 5.9 per cent and 3.5 percent, respectively.

During the eleven months, remittance inflows totaled US$2.6 billion. 

Barbara Green, Readers Bureau, Contributor

Edited by Jesus Chan

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