Remittances into Jamaica reached a record $2.42 billion in the first eight months of 2026, up 5.3 percent over the similar period in 2025, after climbing 9.3 percent in August to US$315 million. the country previous highest inflows for the first eight months was US$2,3 billion in 2021, some US$465 million more than the same period in 2020.
According to the data released by the Bank of Jamaica, this year’s inflows are US$122.7 million more than the US$2.299 billion gross inflows into the country for the same period last year.
The country is set to earn US$3.7 billion if growth in gross inflows continues for the remaining months of the year, or 5.8 percent more than the record haul of US$3.497 billion in 2021, the first year, inflows exceeded US$3 billion and US$215 million more than in 2026.
Remittances remain the second-largest source of foreign exchange inflows into the economy, with tourism being the highest.
The 2026 growth was broadly in line with that recorded in Guatemala, up 5.4 percent, but exceeded the rates of growth in El Salvador 4.0 percent and Mexico 2.2 percent, Bank of Jamaica reported.
According to the BOJ data, there are only 7 other periods when inflows exceeded US$312 million garnered in June. In March 2021, US$328 million in inflows was achieved, with March 2026 delivering US$319 million and July 2022 when inflows totaled US$324 million, the other times were all in December, with December 2021 generating US$322 million, 2022 US$326 million, followed by December 2023 with US$314 million and 2025 US$335 million.
Inflows climbed of 4.1 per cent to US$856 million or an increase of $33.5 million for January to March period this year, over the corresponding period of 2025 that enjoyed inflows of US$822.5 million.
In 2025 total inflows to the country rose by 3.84 percent to US$3.486 sit just under the record haul of US$3.497 billion in 2021. This year’s increase is lower than the 5.7 percent rise for January last year, 5.6 percent in May, 14.3 percent in November and 12.1 percent in December of 2025.
This year’s inflows are the second best on record, just $19 million below the record of US$2.695 billion garnered in the first nine months of 2021. The trend for the year to date suggests that total flows for the year may end around US$40 less than the record US$3.497 billion in 2021. Inflows could increase above the levels for 2025 to date following the passage of Hurricane Melissa, as Jamaicans overseas increase their contributions to Jamaicans hit by the hurricane.
For the five months to May 2025, remittance inflows amount to US$1.422 billion, up 3.6 percent over the first five months of last year, with total inflows of $1.373 billion.
Remittance inflows to Jamaica increased by US$7.5 million or 2.6 percent to US$295.5 million in April this year, from US$288 million in 2024. Inflows for April this year are the second highest monthly flows for the year so far, following March with US$302.4 million, which grew by 1.8 percent over the 2024 period.
Despite the fall in December last year, remittance inflows into Jamaica continue to be resilient with just a 0.4 percent slippage to US$3.357 billion, compared to the inflows of US$3.37 billion in 2023. Inflows for 2024 are the lowest in four years but remain well above the U$2.98 billion inflows in 2020, the year of a major surge that pushed the amount just under the $3 billion mark it has been at since that year.
Remittance inflows for 2024 to November amassed US$3.059 billion, an increase of just 0.1 percent over the similar period in 2023. It seems set to exceed the US$3.3 billion generated in 2023. If achieved, it would be the first year since the massive increase in 2021 that there has been an annual increase.