Remittances dip in June

Data made available by Jamaica’s central bank shows net remittances falling US$7.3 million in June 2013 or 4.8 per cent relative to the corresponding period of 2012 as net flows amounted to US$145.8 million.

Gross remittance inflows for the month were US$166.0 million, a decrease of US$9.1 million or 5.2 per cent relative to the corresponding month of the previous year. The fall in total remittance inflows reflected a decrease of US$8.0 million in inflows through Remittance Companies and a decrease of US$1.2 million in inflows via Other Remittances.

Net remittances for January to June 2013 were US$899.3 million, a growth of US$8.4 million relative to the corresponding period of 2012. The out-turn for the review period reflected a reduction in outflows, which were partly offset by inflows. For the period to June, 2013, total remittance inflows were US$1,020 million, a decrease of US$6.5 million.