Jamaica’s remittances

Jamaica’s remittances exceed US$3B in 2023

January 20, 2024 by IC Insider.com

Jamaica had total remittance Inflows of US$268 million in November last year, down 3.4 percent from US$277 million in November 2022, Jamaica’s central bank data show.
For the 11 months to November 2023, remittance inflows to the country amounted to US$3.064 billion, a decline of 1.6 percent compared to 2022 for the same period. The decline is just US$50 million short of the US$3.114 billion for the same period in 2022. The full 2023 outcome could fall short of US$3.4 billion based on the trend for the year to date and would be down on the US$3.44 billion that obtained in 2022.

Filed Under: Breaking News, Economy Tagged With: Bank Of Jamaica, Jamaica's remittances

Worst fall for remittances

October 25, 2023 by IC Insider.com

Remittance inflows to Jamaica in August slipped by 5.9 percent or US$18 million, the worst monthly decline for 2023, with total inflows of US$289, down from US$307 in August 2022, data out of the Bank of Jamaica show. The decline beats the 5.8 percent decline in April, with a slippage then of US$17 million.
So far, January, March and May are the only months with positive inflows compared with 2022.
In a year of primarily monthly declines, inflows are down by 1.1 percent or US$26 million to US$2.24 billion to August from US$2.267 million for the first eight months last year and now seem likely to come in just below the US$3.44 billion total inflows for 2022.

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

Remittances to Jamaica slip

September 25, 2023 by IC Insider.com

Jamaica’s Central Bank in downtown Kingston

Remittance inflows to Jamaica in July 2023 amount to US$303 million and represent a decline of 0.09 percent or US$2.7 million in comparison to July 2022 and is the 4^th month of decline for the year to date, according to data released by the country’s Central Bank.
For the January to July 2023 period, remittance inflows to Jamaica amount to US$1,952 million, representing a decline of 0.4 percent compared to January to July 2022 when US$1,959 came into the country. Notwithstanding the decline for the year to date, the country is on track to match total inflows in 2022 of US$3.44 billion barring any major negative developments.

Filed Under: FX Market Tagged With: Bank Of Jamaica, BOJ, Jamaica's remittances

Remittances on track to exceed US$3.5B

January 19, 2022 by IC Insider.com

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Remittances inflows to Jamaica surged to US$3.18 billion for the first 11 months of 2021 after pulling in US$274.5 million in November, an increase of 15.6 percent or US$37 million over the comparative period in 2020, data out of the Bank of Jamaica shows.
The performance for November puts the total intake for 2021 above the US$2.9 billion hauled in for January to December 2020. The outturn for 2021 seems set to exceed $3.5 billion for the year when the final numbers are tallied for December.
Based on the performance to date and the consistency of the monthly increase the 2021 inflows seem set to exceed by $1.1 billion the inflows of US$2.406 billion the country received in 2019 and just over $600 million more than the total for over 2020.
Data show Jamaica receiving around $2 billion more inflows in the last two years over and above the trend up to 2019. Between 2007 and 2019 inflows grew around US$1 00 million per annum, with no growth in inflows in 2015, 2017 and 2018. The increase in 2020 and 2021 broke the trend of low growth experienced since 2007.
Persons within the financial sector attribute the increased flows to a number of factors including many Jamaica who lives abroad buying real estate and contributing to the building boom in Jamaica others are of the view that the transfer of funds by the government’s fiscal stimulus to individuals, primarily in the United States is also a big contributor.

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

Remittance boom continues for Jamaica

August 26, 2021 by IC Insider.com

Jamaica continues to benefit from a big surge in remittance inflows that started in May last year and is continuing with a big 28.7 percent jump to US$309 million in May this year, from $240 million in May last year.

This year’s performance is important as it was in May 2020 that the big upsurge in inflows commenced, with May 2020 inflows rising by 15.7 percent over 2019 inflows, bettering the decline recorded in March and April last year to the same months in 2019. For the year to date, total remittance inflows are up an incredible 42 percent over 2020 to reach US$1.4 billion for the five months period from US$987 million in 2020.
With the final seven months of 2020 generating inflows of $1.9 billion, total inflows for the current year should exceed US$3.4 billion and is likely to move closer to $3.9 billion based on the outturn for June this year over 2020.
Persons and businesses interested in foreign exchange developments for Jamaica should pay keen interest in what is happening in this market segment. If the remittances this year hold in 2022, with the rebound in stopover visitor arrivals set to return to normal levels in that year as well, would Jamaica be in a comfortable position for the central bank to build up reserves handily and it could also lead to some revaluation to the local currency.

Filed Under: Economy, FX Market Tagged With: Jamaica's remittances, US$

Remittances to exceed US$3B for the first time

May 9, 2021 by IC Insider.com

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.

Filed Under: FX Market Tagged With: Jamaica's remittances

The boom continues

April 9, 2021 by IC Insider.com

Net remittance inflows for January this year jumped a massive 39 percent or US$63 million above the January 2020 inflows to US$224.4 million, data from Bank of Jamaica shows.
The sharp increase follows from the strong rise seen since May last year when inflows grew 41.6 percent, with the remaining months of the year increasing over thirty percent, except November that grew by 19 percent. For January this year, gross remittance inflows grew 32.7 percent or US$59.4 million to US$241 million. The trends suggest that the country could see earnings from this are exceeding US$3 billion for the first time, having grossed US$2.9 billion in 2020 and increased by US$500 million or 21 percent. According to data out of Jamaica’s central bank from 2013 up to 2019, remittance inflows have grown by an average of US$57 million per annum or 3%. The year with the highest increase was 2014 when a four percent rise delivered provided the country with a $92 million increased inflows and the year with the lowest increase was 2017 with an increase of just $14 million for a one percent rise.

Filed Under: Breaking News, Economy, FX Market Tagged With: BOJ, Jamaica's remittances

Tourism Jamaica’s #1US$ earner

July 31, 2016 by IC Insider.com

Tourism is Jamaica’s largest earner of foreign exchange.

Tourism is now Jamaica’s largest source of foreign exchange earnings, with US$2.4 billion pulled in 2015. Inflows from the sector is growing at nearly twice the pace of remittance inflows, now Jamaica’s second largest, with inflows of US$2.23 billion in 2015, according to data form Jamaica’s central bank, Bank of Jamaica.
During the period of 2008 to 2015, the three main areas of foreign exchange earnings have switched positions between themselves, but since 2012 tourism has been the number one source of inflows and is widening the gap.
Tourism brought in US$1.98 billion in 2008 and remittances US$2 billion. Remittances grew by 10 percent to US$2.2 billion in 2015 over 2008, while tourism was up 18.8 percent to US$2.4 billion. In 2015 tourism inflows grew by 6.4 percent in contrast to the 3 percent increase in remittances. In 2014 tourism inflows grew by a strong 8.7 percent over 2013.
While remittances and tourism have been growing since 2008, exports of goods have gone in the opposite direction with 2015 exports falling to US$1.27 billion versus US$2.974 billion for 2008 for a decline of 54 percent. If the growth trend in tourism inflows continue at the 2015 pace, the sector will exceed the earnings by exports of goods in 2008 by 2018.

Filed Under: Economy, Feature Stories Tagged With: Bank Of Jamaica, FX Market, Jamaica's remittances, Tourism inflows to Jamaica, US Dollar

Remittances slowed in September

December 29, 2015 by IC Insider.com

Remittance inflows for the 2015 to September were affected by a slowdown in inflows in September ending with US$1.65 billion, for an increase of US$51 million or 3.2 per cent over the nine months to September 2014.
The slowdown is a continuation from August, when inflows increased marginally.
After allowing for in outflows of US$167.7 million for the nine months to September, this year compared to US$170.4 last year, net remittances for the year to September, were US$1.48 billion, an increase of US$48 million or just 3.3 per cent over the similar period of 2014.
Gross remittance inflows for September 2015 were US$184 million, an increase of US$1.4 million or 0.7 per cent versus the same month in 2014. Remittance inflows also slowed in August 2015, with inflows amounting to US$186 million, for an increase of just US$1.7 million over August 2014. Total Remittance Outflows amounted $19.9 million slightly higher than the US$19.7 for September 2014, leaving net inflows were US$163.7 million, an increase of US$1.5 million, relative to the corresponding period of 2014.

Filed Under: Economy, Feature Stories, FX Market, Stock Market Tagged With: BOJ, FX Market, Jamaica's remittances, US Dollar

Remittance inflows slowed in August

December 6, 2015 by IC Insider.com

Remittance inflows for Jamaica slowed in August 2015 with inflows amounting to US$186 million, for an increase of just US$1.7 million over August last year but after accounting for outflows, net remittances were US$165 million, an increase of US$1 million or 0.7 percent compared to the corresponding period of 2014.
The growth in net remittance inflows reflected an increase in gross remittances, partially offset by an increase in remittance outflows, the country’s central bank reported.
Net remittances for calendar year to August 2015 were US$1.32 billion, representing growth of US$46 million or 3.6 percent versus the similar period of 2014. The outturn for the period, reflected an increase in gross inflows, which was partially offset by a growth in outflows, with total inflows being US$1.47 billion, representing an increase of US$49 million or 3.5 percent. Remittance inflows for the period were above the corresponding pre-crisis outturn for 2008.
The USA contributed US$919 million to inflows, the UK accounted for US$214 million, Canada $151 million, Cayman US$84 and other countries made up US$100 million of inflows for the period to August this year.