Jamaica remittances

Remittances surged 65%

June 19, 2021 by IC Insider.com

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.

Filed Under: Economy, FX Market Tagged With: Bank Of Jamaica, Jamaica remittances

Jamaica’s remittances up 10%

July 31, 2016 by IC Insider.com

FX_USPound Jamaica enjoyed a strong 10.4 percent growth amounting to US$17.2 million in net remittances in April 2016 to reach US$184 million compared to April 2015. The growth reflected an increase in gross remittance inflows buttressed by a slight contraction in remittance outflows.
Gross remittance inflows for the month were US$203 million, an increase of US$15.5 million or 8.3 percent versus the similar period last year. While the April’s increase climbed sharply over 2015, net inflows for the first 4 months of the year is up just 3.5 percent, reflecting swings in the rate of growth for various months, with January suffering a contraction of 6.4 percent and March rising by just 1.5 percent.
Net remittances for the first four months of 2016 were US$22 million or 3.5 percent above the 2015 period, to end at US$660 million, flowing from an increase in gross inflows, partially offset by an increase in outflows. Total inflows were US$740 million, an increase of US$25 million or 3.5 percent.
In 2015 total remittance inflows, amounted to US$2.23 billion or 3 percent ahead of the amount generated in 2014.

Filed Under: Breaking News, Economy Tagged With: BOJ, Jamaica remittances, Remittances, US Dollar

Jamaica’s remittances up 7%

June 27, 2016 by IC Insider.com

Remittance inflows into Jamaica for February this year, climbed 7.3 percent to US$180 million for an increase of US$12 million compared to the corresponding month in 2015, while net remittances totalled US$161 million, representing an increase of US$12 million or 8 percent.
The expansion in net remittances for the month is a result of the increase in gross remittances, which was partially offset by a marginal expansion in remittance outflows from US$18.7 million to US$19 million.
For the two months period, total remittance inflows were US$340 million, representing an increase of US$6 million or 1.9 percent, while net remittances grew by just US$2.6 million to US$299 million after accounting for outflows moving from US$37.6 million in 2015 to US$41.3 million this year. The increase in February comes against the background of a fall in inflows of 3.6 percent in January, over the same period in 2015.
Jamaica could lose some flows from Britain, with the pound having fallen from around the 1.50 level to the US dollar for a great part of 2015, to just over 1.30 now. For 2015, according to data from Jamaica’s central bank (Bank of Jamaica), remittances from the UK amounted to US$347 million, as such this year’s fall in the pound could cut inflows from the UK by US$25 to US$30 for 2016 and as much as US$50 million in a full year, if the rate remains depressed.

Filed Under: Economy Tagged With: BOJ, British Pound, Jamaica remittances, US Dollar

Record remittances for 2015

March 29, 2016 by IC Insider.com

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US$ 100 Jamaica garnered just 3.2 percent or US$69 million in remittance inflows in 2015 bring total inflows for the calendar year to US$2.226 billion, after accounting for outflows of US$233 net remittances for the 2015 totaled US$1.99 billion, for a net increase of US$48 million over 2014.
For December 2015, remittance inflows amounted to US$211 million, an increase of a mere US$6 million or 2.9 percent relative to the corresponding month of the previous year. Net remittances totalled US$189 million, an increase of US$4.4 million or 2.4 per cent, relative to the corresponding period of 2014
Remittance inflows are the highest in Jamaica’s history, having hit US$2.157 billion in 2014, up from US$2.065 billion in 2013 and US$2.43 billion in 2012.

Filed Under: Economy Tagged With: Jamaica remittances

Jamaica’s record remittances

March 21, 2016 by IC Insider.com

FX_USPound Jamaica continued to enjoy positive inflows of foreign exchange from overseas in the area of remittances. For the first eleven months of 2015, total remittance inflows were US$2.015 billion, an increase of US$63 million or 3.2 percent over the similar period in 2014.
The 2015 take is the first time that the country has crossed the $2 billion mark by the end of November in any year.
Total remittance outflows which amounted $206.5 million in 2014, ended at $210.4 million for the first eleven months of 2015 and resulted in net remittances for the year to November 2015 of US$1.80 billion, an increase of US$59 million or 3.4 percent relative to the corresponding period of 2014.
In addition to remittances, other transfers into the country were almost on par with that of 2014 up to October, with inflows of US$115 million compared with $117 million in 2014. For all of 2014 other transfers amounted to $145 million.

Filed Under: Economy Tagged With: Jamaica remittances

Remittances up strongly in October

February 16, 2016 by IC Insider.com

US$ 100 Jamaica continues to garner increasing inflows of remittances, with the latest data indicating another record year of well over $2 billion to be generated from this source, with just two more months’ figures left to close out the year.
The country should see the record inflows for 2014 amounted to US$2.157 billion being broken by a good margin based on the figures up to October. The latest information shows remittance inflows in October growing a strong 6.7 percent over to the corresponding month in 2014, to reach US$192 million, for an increase of US$12 million. Net flows were US$171 million, an increase of US$11 million or 7 percent, relative to the October 2014 as outflows grew at a slower pace than inflows, at 4.9 percent. Inflows for August and September grew by less than one percent per month over the similar months of 2014 and may have contributed to the increase in October.
For the year to October, total remittance inflows increased by US$63 million or 3.5 percent to US$1.84 billion while net inflows rose by US$59 million or 3.7 percent, to US$1.65 billion.

Filed Under: FX Market, Stock Market Tagged With: Jamaica remittances, Remittance inflows

Remittances growing slowly

July 1, 2015 by IC Insider.com

Jamaica enjoyed US$194 million in remittance inflows for the March this year, an increase of US$5.7 million or 3.1 percent relative to the same month of last year, after factoring an expansion in remittance outflows, net remittances came in at US$174.4 million, an increase of only US$2.6 million or 1.5 percent over the 2014 period.
Total remittance inflows were US$528 million for the first three months of the year, an increase of US$13 million or 2.6 percent. Net remittances for the 2015 March quarter were US$471 million, growth ofUS$8.3 million or 1.8 percent relative to the corresponding period of 2014. For the review period.
For 2014 total inflows into the system is put at US$2.16 billion by Bank Of Jamaica while outflows amounted to $227 million and declined from US$240 million in 2013 and US$267 million in 2012.

Filed Under: Economy, Feature Stories Tagged With: Jamaica remittances

January remittances climb

April 16, 2015 by IC Insider.com

Jamaica enjoyed a record haul in remittance inflows for the month of January with US$166 million garnered in January this year, according to data from Bank of Jamaica.
The flows represent an increase of US$8 million or 5.1 percent more than the amounts collected in January 2014. The growth in remittance inflows and a contraction in outflows resulted in net remittance inflows increasing at a faster pace than total inflows, with net remittances of US$147.4 million for January 2015, an increase of US$9.5 million or 6.9 percent over January 2014.
The gain in net inflows would have been occasioned by greater stability and availability of foreign exchange locally.

Filed Under: Breaking News, Economy, FX Market, Stock Market Tagged With: Bank Of Jamaica, Jamaica remittances

Remittances top $2.16b in 2014

March 24, 2015 by IC Insider.com

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.

Filed Under: Breaking News, Economy, Feature Stories, FX Market, Stock Market Tagged With: Jamaica remittances

Remittances continue up in August

December 4, 2014 by IC Insider.com

Gross remittance inflows for August this year, grew by 3.5 percent or US$6 million to US$184 million.
Total remittance out flows fell slightly from US$22.3 million to US$21.6 million and resulted in net inflows of US$162.3 million, an increase of US$6.8 million or 4.4 percent over August 2013. For the eight months to August total remittance inflows amounted to US$1.422 billion, an increase of US$54 million or 3.9 percent but outflows contracted by 14 million to $150 million and resulted in net inflows increasing by US$68 million or 5.6 percent over the similar period in 2013 to hit US$1.27 billion. The data released by Jamaica’s central bank showed.