Remittance Inflows Continue to Increase

The recently released remittance report by the Bank of Jamaica (BOJ), indicated that for the first eight months of the 2011/12 fiscal year (April to November), total remittance inflows were US$1,342.7 million, representing an increase of US$86.4 million or 6.9 per cent over the corresponding period of the preceding fiscal year.

According to the report, dated January 27, 2012, the inflow of remittance for the review period represented the largest inflow since the 2009/10 fiscal year.

Of note, for November 2011, net remittances were US$133.1 million, which represented an improvement of US$3.6 million or 2.8 per cent relative to the corresponding period of 2010.

During the month, total remittance inflows were US$153.8 million, an improvement of US$3.7 million or 2.4 per cent growth relative to the corresponding month of the previous year.

The positive growth in total remittance inflows for the first eight months of the fiscal year emanated from both ‘Remittance Companies’ and the ‘Other Remittances’ sub-categories.

“Remittance Companies recorded an increase of US$74.6 million or 7.0 per cent, while Other Remittances had an increase of US$11.9 million or 6.2 per cent. For the review period, the upturn in outflows of US$4.3 million partially offset the positive growth in net remittances,” the report stated.

Meanwhile, for the first 11 months of last year (calendar January to November, 2011) net remittance inflows  were US$1,585.6 million, which represented a growth of US$102.2 million or 6.9 per cent increase relative to the corresponding period of 2010.

The Bank of Jamaica indicated that for that review period, total remittance inflows were US$1,822.3 million, representing an increase of US$113.8 million or 6.7 per cent relative to the corresponding period of the previous calendar year.

The BOJ report noted that the “improvement in remittance inflows occurred against the backdrop of the improving macro-economic conditions in source economies,” with the United States being the major source.

By Allan Brooks, JIS Senior Reporter