Jamaica experienced the first big decline in remittances since the huge surge between 2020 and 2021, with a decrease of 10 percent or US$32.7 million to US$295 million in March, this year from $327 million in 2021.
“The significant decline in remittance inflows is partly due to the earlier timing of Easter in 2021 as well as increased cash in hand remittances as travel recovers. Increased cost of living in the main source markets was also a factor,” the release from Bank of Jamaica states.
For January to March 2022, remittance inflows to Jamaica amounted to US$793 million, a decline of 1.4 percent from the first quarter of 2021.
Remittances to Jamaica drop
May 4, 2022 by
