Net Remittance Increased Marginally in November

Net remittances for the month of November increased US$3.3Mnor 2.5% to US$136Mn relative to the corresponding period in the prior year. The positive, though marginal, improvement in net remittances came as a result of a decline in remittance outflows and a marginal increase in inflows. In November, inflows rose by US$2.7Mn or 1.7%, which was primarily driven by remittance inflows to companies. Company inflows increased by US$7.1Mn, while “other remittances” declined by US$4.3Mn during the month.

 For the period January to November 2012, net remittances were US$1,597.9Mn which represented a marginal increase of 0.8%. Inflows were only marginally better when compared to the corresponding period in the previous year, but was still below the 2008 pre-crisis level.

Expected improvement in macro economic stability in the main sources markets this year should augur well for remittance inflows to island, while adding some support in the currency market.