Remittance inflows into Jamaica, continue to grow at consistent pace for 2014, and is now at the highest levels ever. The latest data from Jamaica’s central bank, Bank of Jamaica revealed that total remittance inflows for October last year, climbed US$9 million or 5.2 percent to US$180 million, compared to the same month of 2013.
For the month, net remittances were US$160 million, an increase of US$8 million or 5.3 percent relative to the 2013 corresponding period. “These inflows were above the average of US$161.8 million for the previous five corresponding periods,” the BOJ report stated.
For the review period, total remittance inflows amounted to US$1.784 billion, for an increase of US$81 million or 4.8 percent. Net remittances for the calendar year to October were up US$90 million or 6 percent to US$1.59 billion, relative to the corresponding period of 2013. The growth of net inflows seemed tied to greater stability of the exchange rates of the Jamaican dollar and more availability of foreign exchange in the local market, in 2014 compared to 2013.
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[…] Remittance inflows for 2014 exceeded the amount earned by Jamaica in 2013 by US$95 million or 4.6 percent, according to data released by Jamaica’s Central Bank. The country saw total inflows of US$2.16 billion for the January to December period. The total flows are likely to be just under the $2.2 billion estimated inflows from the tourism sector for 2014. Net remittances for 2014 were US$1.93 billion, representing a growth of US$102 million or 5.6 percent compared to 2013 and emanated from an increase in gross inflows and a reduction of outflows. The increase in total remittance inflows reflected an increase of US$95 million in inflows through Remittance Companies. This increase was however partly offset by a decline of US$0.5 million in inflows from the Other Remittances sub-category. […]
[…] from other countries, during 2013.For 2014, the total figure rose by 5%, according to the website, http://icinsider.com/remittances-up-5-for-2014/Outside of cash, Jamaicans abroad are known for sending goods back home, with hundreds of barrels […]