Increase in Net Remittance Inflows

• Net remittance inflows for the period January to August of US$1,407.5Mn increased by 1.4 percent or US$19.8Mn relative to the previous corresponding period.
• The increase reflected an increase of 2.3 percent or US$35.6Mn in remittance inflows partially offset by an increase of 9.8 percent or US$15.9Mn in outflows. The increase in inflows was mainly attributable to an increase of 15.9 percent in Other Remittances while Remittance Companies remained relatively flat.
• The largest source market of remittances to Jamaica in August 2019 remained the USA, whose share increased to 64.9 percent, from 63.7 percent recorded August 2018. The remaining share of remittances for August 2019 came from Canada at 12.5 percent, followed by the UK and the Cayman Islands at 10.4 percent and 6.7 percent, respectively.
• Overall, the January to August 2019 period had remittance inflows totaling US$1585.4Mn.

(Source: BOJ)