After a modest increase in total remittance inflows into Jamaica in February, remittances for March slipped from the same period last by 1.3 percent to US$297.5 million but was higher than the US$295 million in March 2022, data released by the country’s central bank show.
Remittance inflows which are major source of foreign for the country and remains fairly stable, slipped moderately for the three months to March this year, with total inflows down a mere 0.4 percent to US$797 million compared with US$801 million to March 2023. The decline in March albeit small, is a continuation of several months of decline since May 2023.
The United States of America continues to be Jamaica’s largest source of remittance flows in March 2024, accounting for 69.8 percent of total flows, down from 71.7 percent in March 2023. Other countries which contributed a notable share of remittances for the month were the United Kingdom, with 10.6 percent followed by Canada at 8.7 percent and the Cayman Islands with 6.7 percent, the report from Bank of Jamaica states.
Remittance inflows to Jamaica slip
June 4, 2024 by
