Jamaica net remittances for May this year, grew US$10 million or 6 percent, to US$172 million, versus May 2013. The increase resulted from gross inflows growing by US$7 million to US$189 million, and a contraction in outflows.
Remittance Companies accounted for an increases of US$13 million in inflows, while Other Remittances saw a reduction of US$5.5 million, Bank of Jamaica stated in their report on remittances.
Net remittances for the year to May, amounts to US$795 million, representing growth of US$42 million or 5.6 percent, compared to 2013 period. The outturn for the review period, reflected an increase in gross inflows, and a reduction in outflows. For the period total remittance inflows were US$887 million, representing an increase of US$33 million or 3.8 percent.
Jamaica’s remittances upward climb
September 13, 2014 by
[…] Remittance inflows into Jamaica, this year, continue to grow, with an increase of US$50 million or 5.6 percent in net remittances for the six months to June, over the same period in 2013, to reach US$949 million, according to information released by the country’s central bank. “Total remittance inflows were US$1.06 billion, an increase of US$35 million while outflows declined compared with the 2013 period,” the Bank of Jamaica reports states. Net remittances for June 2014, were US$154 million, an increase of US$8 million or 5.4 percent over the corresponding period of 2013, resulting from an increase in gross remittance inflows and a contraction in outflows. Gross remittance inflows for the month were US$168 million, an increase of US$2.3 million or just 1.4 percent relative to the corresponding month of 2013. For June, total Remittance Outflows amounted to $15 million a reduction from the $20 million in June 2013 and for the six months, $106 million and $121 million in 2013. […]