Jamaica’s remittance flows jump 25.7%: CARICOM BUSINESS
Jamaica’s net remittance flows totalled $220.9 million as at November 2020 reflecting an increase of 25.7% or US$45.2 million over November 2019.
This increase resulted from a rise in gross remittance inflows of 18.7% or US$37.5 million aided by a decrease of 32% or US$7.7 million in outflows. Based on the Bank of Jamaica’s November 2020 Remittance Bulletin, the increase in gross remittance inflows came from an improvement of 23.5% in inflows through remittance companies.
For the period April to November 2020, net remittance inflows of US$1.89 billion were recorded, representing an increase of 30.8% or US$446.2 million relative to the corresponding period in 2019. Overall, the January to November 2020 period saw Jamaica recording remittance inflows totalling US$2.60 billion reflecting an increase of 19.3% over the corresponding period of 2019. (JO)
Extract from CARICOM BUSINESS Newsletter Vol 4 No 6
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