Remittance inflows into Jamaica slipped by 2.4 per cent or US$7 million to US$273 million from US$280 in August last year that benefited from a robust increase in 2020 and brings the year to date to US$2.3 billion or 25.4 percent over US$1.84 billion accounted for in the similar period in 2020.
Last year August saw a hefty 31 percent surge from US$214 million earned in 2019. At the rate of growth to date, remittance inflows should hit US$2.3 billion this year.
The decline for August is the first monthly decline on a year over year basis since April last year, with a fall of 20 percent. Remittances that surged 42 percent and 37 percent in June and July in 2020 over 2019 is up 10 percent this year in each month.
The largest source market of remittance flows to Jamaica for August 2021 was the USA accounting for 70 percent, of total inflows up from 66.3 percent recorded for August 2020, the bank of Jamaica report states. The central bank also indicates that Canada contributed 11.8 per cent, followed by UK and the Cayman Islands at 10 per cent and 4.9 percent, respectively.
Remittances slip in August
October 8, 2021 by
