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.
Disclaimer:
Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.
Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.