Remittances Up in July 2025 and YTD

• For July 2025, net Remittance Inflows to Jamaica increased 4,6% year-over-year to US$281.9Mn according to the Bank of Jamaica (BOJ). The increase reflects a US$13.4Mn (+4.6%) increase in total remittance inflows, which was marginally offset by a 5.4% (US$1.0Mn) rise in remittance outflows.
• There were higher flows via the Remittance Companies channel, but the increase was partly offset by a decline via the Other Remittances channel.
• The U.S. remains the largest source market for remittance flows to the island, accounting for 68.1% of total flows, down from the 68.4% recorded for July 2024. The United Kingdom (11.2%), Canada (10.5%) and the Cayman Islands (6.0%) were also notable sources.
• Year to date, net remittances have increased by 3.1% to US$1.94Bn, supported by higher remittance inflows (+3.9%) in tandem with lower remittance outflows (-9.9%).
• Looking ahead, remittances are anticipated to remain steady for the next two years, further supporting the outlook (Fitch Ratings). However, the announcement of a 1.0% excise tax that will take effect on December 31, 2025, on cash-based remittances from the US and tighter immigration policies are key risks that could reduce remittance inflows to the country. However, local remittance firms expect little fallout from the 1.0% excise tax as strong digital adoption by consumers and years of investment in alternative remittance channels could act as key buffers.

(Sources: BOJ and NCBCM Research)