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.
Remittance inflows slowed in August
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.
Jamaica’s remittance up sharply
Remittance inflows into Jamaica for June this year marked the fastest increase in any one month so far in 2015 with inflows jumping 11.9 percent for June to end at US$188.4 million, an increase of US$20 million above the inflows of June 2014, Bank of Jamaica remittance report shows.
Net remittances were US$173.3 million, an increase of US$19.7 million or 12.8 per cent over the similar period of 2014. The previous best monthly inflow was a 4.4 percent increase in January with $166 million came into the country. While June was the month with the highest percentage gain the best months for actual inflows are March with $194 million, April $187 and May $190 million.
For the six months to June a total of US$1,093 billion, were received into the system, an increase of US$40.8 million or 3.9 percent while inflows net of outflows amounted to US$985.7 million, a growth of US$38.4 million or 4.1 percent relative to the corresponding period of 2014.
Remittances make up a major part of Jamaica’s foreign exchange inflows with only gross inflows from tourism being better.
Remittance inflows flat in May
Total remittance inflows for Jamaica for May this year was just barely up over May 2014, increasing by less than a million dollars to end the month at US$190 million over the corresponding month last year.
Net remittance flows did better, with US$175 million realized, an increase of US$4 million or 2 percent over the corresponding period of 2014. For the first five months of 2015, total remittance inflows amounted to US$905 million, an increase of US$18 million or 2 percent over the similar 2014 period. Net remittances for the first 5 months of the year were US$812 million, an increase of US$16 million or 2 percent over the 2014 period, Bank of Jamaica reported.