Jamaica recorded a solid 8.3 percent rise in remittance inflows in July this year, following an increase of US$25 million over July last year, resulting in a record July haul of US$327.5 million and continuing the record-setting trend for the year to date, according to data released by Jamaica’s Central bank, the Bank of Jamaica.
Remittance inflows amount to US$2.107 billion for the year to July 2026, an increase of 4.8 percent after a rise of US$96 million in the seven months to July. Last year’s inflows fell just US$11 million short of the record inflows of US$3.497 billion in 2021. This year’s net inflows are well ahead of last year’s shortfall; as such, barring any adverse developments, the 2021 record should be history by the end of 2026.
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.
Remittances inflows to Jamaica which ended at US$2.4 billion in 2019 surged to US$2.9 billion in 2020 peaking at US$3.497 billion in 2021 and have remained above $3.3 billion since and are on track to match the US$3.37 billion received in calendar year 2023.