February 08, 2022
According to The Bank of Jamaica, in December 2021 Jamaica received remittances & transfers worth US$333.4 million, an increase of 6.5% or US$20.3 million in comparison to December of 2020 where the country received US$313.1 million worth of remittances & transfers. Preliminary numbers provided by The BOJ revealed that the island received total remittance & transfer inflows worth US$3.630 billion for the year 2021. Additionally, the 2021 holiday inflows, that is inflows between September & December, were US$126.1 million greater than figure recorded in the 2020 holiday period. Total remittance & transfer inflows in 2020 were US$3.038 billion.
Moneys sent via remittance companies during the month of December accounted for US$279.4 million of the US$333.4 million worth of total remittances and transfers, with the largest source of remittances originating from the USA. Remittances from our neighbor were valued at US$194.0 million which accounted for 60% of total inflow, 2 percentage points higher than the 58% recorded in December 2020. Remittances originating from the UK totaled US$31.1 million which represents 10% of total inflows. In 2020, remittances originating from the UK accounted for 11% of total inflows. Remittances originating from Canada and the Cayman Islands represent 8% and 5% respectively.
Outbound remittances & transfers for December were valued at US$19 million with most of the moneys being sent to the US – $US11 million worth. For the year 2021, preliminary numbers revealed the nation sent US$236.4 million overseas. In 2020, the nation sent $US 223.8 million overseas.
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