Remittance inflows for January and February this year to Jamaica grew by 29.8 percent from US$367 million to US$477 million, and now seems set to push total inflows to more than US$3 billion for the year and the first time ever that this landmark would have been reached, having hit US$2.9 billion in 2020.
Total remittance inflows for February rose 27 percent to US$236 million from US$186 million in 2020.
The gains this year come in contrast with the similar period last year US$3 billion hat grew by 9 percent over 2019, well off the 30.85 percent average monthly increase between May and December last year.
In 2020, April numbers fell nearly 10 percent versus inflows for April 2019 and could jump sharply in 2021, thereafter the big surge in inflows will probably return to more moderate growth levels in keeping with recent growth rates that have been lower than 10 percent.
Remittances to exceed US$3B for the first time
May 9, 2021 by
