Remittance inflows to Jamaica dipped by US$7.4 million or 2.9 percent in February this year compared with the same period in 2022, thus reversing the 2 percent increase enjoyed in January and resulting in a small decline for the two months, data out of Bank of Jamaica shows.
The decline in February of gross receipts represents the first monthly fall since the decline in October last year.
While gross inflows were down, outflows also fell by US$9 million and resulted in net remittance inflows of US$227 million, compared with US$225 million in February 2022 and continues from a $6 million decline in outflows in January this year and resulting in net inflows for the two months increasing 2.9 percent over last year.
Remittance inflows for January to February this year fell by 0.5 percent to US$496 million.
The United States continued to be the prime source of inflows with 71.7 percent of total flows up from 70.8 percent in February 2022.
Steady remittance inflows for Jamaica
April 7, 2023 by
