Remittances slip in August

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.

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