Jamaica’s remittances up 7%

FX_USPoundRemittance inflows into Jamaica for February this year, climbed 7.3 percent to US$180 million for an increase of US$12 million compared to the corresponding month in 2015, while net remittances totalled US$161 million, representing an increase of US$12 million or 8 percent.
The expansion in net remittances for the month is a result of the increase in gross remittances, which was partially offset by a marginal expansion in remittance outflows from US$18.7 million to US$19 million.
For the two months period, total remittance inflows were US$340 million, representing an increase of US$6 million or 1.9 percent, while net remittances grew by just US$2.6 million to US$299 million after accounting for outflows moving from US$37.6 million in 2015 to US$41.3 million this year. The increase in February comes against the background of a fall in inflows of 3.6 percent in January, over the same period in 2015.
Jamaica could lose some flows from Britain, with the pound having fallen from around the 1.50 level to the US dollar for a great part of 2015, to just over 1.30 now. For 2015, according to data from Jamaica’s central bank (Bank of Jamaica), remittances from the UK amounted to US$347 million, as such this year’s fall in the pound could cut inflows from the UK by US$25 to US$30 for 2016 and as much as US$50 million in a full year, if the rate remains depressed.

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