Remittance inflows into Jamaica for June this year marked the fastest increase in any one month so far in 2015 with inflows jumping 11.9 percent for June to end at US$188.4 million, an increase of US$20 million above the inflows of June 2014, Bank of Jamaica remittance report shows.
Net remittances were US$173.3 million, an increase of US$19.7 million or 12.8 per cent over the similar period of 2014. The previous best monthly inflow was a 4.4 percent increase in January with $166 million came into the country. While June was the month with the highest percentage gain the best months for actual inflows are March with $194 million, April $187 and May $190 million.
For the six months to June a total of US$1,093 billion, were received into the system, an increase of US$40.8 million or 3.9 percent while inflows net of outflows amounted to US$985.7 million, a growth of US$38.4 million or 4.1 percent relative to the corresponding period of 2014.
Remittances make up a major part of Jamaica’s foreign exchange inflows with only gross inflows from tourism being better.
Jamaica’s remittance up sharply
October 6, 2015 by
[…] Remittance inflows for Jamaica rose 3.7 percent or US$6.9 million to US$190 million in July this year, over July 2014. For the year to date period total remittance inflows climbed 3.8 percent or US$47.5 to US$1.28 billion. After accounting for outflows, net remittances were US$168 million for July, an increase of US$6.9 million or 4.3 percent relative to the corresponding period of 2014. The growth in net remittance inflows reflect an increase in gross remittances while remittance outflows remained unchanged. Net remittances for 2015 to-date are US$1.154 billion, an increase of US$45 million or 4.1 percent over the corresponding period of 2014. The out-turn for the review period reflected an increase in gross inflows, which was partially offset by a growth in outflows, Bank of Jamaica reported. The flows for 2015 should exceed the US$2.157 billion the country received in 2014, if the trend continues. […]