Remittance flows to Jamaica trend upwards in 2025

 


Net remittance inflows of US$238.0 million for February 2025 into Jamaica, represented an increase of 2.1 per cent or US$ 4.8 million in comparison to February 2024.

 This was primarily due to an increase of US$5.8 million or 2.3 per cent in total remittances inflows, marginally offset by an increase in remittance outflows of US$1.0 million or 4.9 per cent .

The increase in total remittance inflows was attributed to higher inflows through both Remittance Companies and the Other Remittances channel.

For January to February 2025, remittance inflows to Jamaica amounted to US$514.9 million. This outturn represented an increase of 3.1 per cent relative to January to February 2024 period.

Jamaica’s increase of 3.1 per cent for the calendar year to date is compared to growth of 14.6 per cent, 8.2 per cent and 0.6 per cent recorded for El Salvador, Guatemala and Mexico, respectively,

The largest source market of remittance flows to Jamaica for February 2025 continued to be the United States of America.

Remittances from the USA accounted for 72.1 per cent of total flows, up from the share of 69.4 recorded for February 2024.

Other source countries which contributed a notable share of remittances for the month were the United Kingdom (11.6 per cent), followed by Canada and the Cayman Islands (8.3 per cent and 7.1 per cent, respectively).

 

Source: Bank of Jamaica Remittance Report

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