Remittance flows to Jamaica flat for 2024 – BOJ

 

The Bank of Jamaica (BOJ) today released October 2024 remittance data which shows that for January to October 2024, remittance inflows to Jamaica amounted to US$2793.5 million. This outturn represented a decline of 0.1 per cent relative to January to October 2023. 

Jamaica’s decline of 0.1 per cent for the calendar year to October 2024 is compared to growth of 8.6 per cent, 2.3 per cent and 0.8 per cent recorded for Guatemala, Mexico and El Salvador, respectively.


Net remittance inflows of US$259.4 million for October 2024, represented an increase of 3.7 per cent or US$ 9.3 million in comparison to October 2023.

This was primarily due to an increase of US$8.9 million or 3.3 per cent in total remittances inflows, further aided by a marginal decline in remittance outflows of US$0.4 million or 2.2 per cent .

The BOJ said that the growth in total remittance inflows was attributed to higher inflows through Remittance Companies, partly offset by a decline via the Other Remittances channel.

For fiscal Year to Date 2024: Net remittance inflows of US$ 1864.1 million reflected an increase of 0.2 per cent or US$4.1million relative to the corresponding period of the previous fiscal period. This was reflected in a marginal increase of US$0.7 million in Total Remittance inflows, aided by a decline of 2.5 per cent or US$ 3.4 million in remittance outflows.

The largest source market of remittance flows to Jamaica for October 2024 continued to be the United States of America. Remittances from the USA accounted for 67.7 per cent of total flows, down from 69.5 per cent share recorded for October 2023.

Other source countries which contributed a notable share of remittances for the month were the United Kingdom (11.0 per cent), followed by Canada and the Cayman Islands (10.7 per cent and 6.2 per cent, respectively).

Photo source: nica-biz.com

Caribbean Money Daily

Caribbeanmoney.blogspot.com

Follow us for breaking news

Email austanny@yahoo.com

 

 

Comments

Popular posts from this blog

Kintyre makes US$300,000 investment in Sevens Ice

BCMG increases risk management oversight: Launches surveys-as-a -service

Wish List: University Hospital CEO seeks top-flight CFO for turnaround miracle