October 22, 2021
Remittances – August 2021
Total remittance inflow as at August 2021 amounted US$272.7 million, a 2.4% decrease from the US$279.5 million booked twelve months earlier. The decrease in total remittance inflow was due to a 6.4% decrease in ‘Remittance Companies’ to US$225.9 million (2020: US$241.2 million), however it was offset by a 22.2% increase in ‘Other Remittances’ to US$46.8 million (2020: US$38.3 million). As a result, Jamaica’s net remittance inflows as at August 2021 amounted to US$250.3 million, $4.1% or US$10.6 million lower than the US$260.8 million recorded August 2020.
According to the Bank of Jamaica (BOJ), during the period under review USA was the largest source of remittance flow to Jamaica, accounting for 70% of total remittance inflow, up from 66.3% recorded in August 2020. While Canada contributed 11.8%, UK 10% and Cayman Islands 4.9%.
Additionally, for the fiscal year to August 2021, net remittance inflow totalled US$1.40 billion, an 18.7% increase relative to the US$1.18 billion for the comparative period last year. It was noted that, “this improvement resulted from an increase of 17.9% or US$227.6 million in total remittance inflows. This was partly offset by an increase of 8.4% or US$7.7 million in total remittance outflows.” The growth in total remittance inflow was driven by an increase in ‘Remittance Companies’ by 17.1% and ‘Other Remittances’ by 23.3%.
In comparison with other countries, for the period January-August 2021, Jamaica’s remittance inflows grew by 25.4% to total US$2300.6 million. Jamaica 25.4% growth in remittance is lower than Guatemala 38.5%, El Savaldor 34.8% and Mexico 25.7% growth.
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