Remittance inflows slowed in August

Remittance inflows for Jamaica slowed in August 2015 with inflows amounting to US$186 million, for an increase of just US$1.7 million over August last year but after accounting for outflows, net remittances were US$165 million, an increase of US$1 million or 0.7 percent compared to the corresponding period of 2014.
The growth in net remittance inflows reflected an increase in gross remittances, partially offset by an increase in remittance outflows, the country’s central bank reported.
Net remittances for calendar year to August 2015 were US$1.32 billion, representing growth of US$46 million or 3.6 percent versus the similar period of 2014. The outturn for the period, reflected an increase in gross inflows, which was partially offset by a growth in outflows, with total inflows being US$1.47 billion, representing an increase of US$49 million or 3.5 percent. Remittance inflows for the period were above the corresponding pre-crisis outturn for 2008.
The USA contributed US$919 million to inflows, the UK accounted for US$214 million, Canada $151 million, Cayman US$84 and other countries made up US$100 million of inflows for the period to August this year.