Remittances into Jamaica surged a massive 65 percent in March, this year over the inflows for the same month in 2020 and probably the strongest monthly rise on record. Inflows saw US$328 million flowing into the financial system compared to just US$199 in 2020.
Jamaica’s Central Bank
The highest growth in 202 was June with an increase of 42 percent and inflows of US$275 million, while December with US$301 million was the only month that saw inflows reaching the US$300 million mark after it increased 35 percent over the prior year’s period.
For the year to date, inflows are up 42 percent over 2020, with increases of 33 percent in January and 27 percent for February. The development for the first quarter indicates that the country is on target to exceed US$3 billion in one year, for the first time, in 2021, with 2020 reaching a record US$2.9 billion. The trend suggests that 2021 is on track to reach or exceed US$3.4 billion.
