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Jamaica: Remittances from the US up 72 per cent in March

The largest source market of remittance flows to Jamaica for March 2021 was the US, according to Bank of Jamaica (BOJ) data.  

Remittances from the US accounted for 72.3 per cent of total inflows, up from 69.5 per cent recorded for March 2020. 

Meanwhile, net remittance inflows of US$305.2 million in March 2021 increased by 70 per cent or US$125.7 million in comparison to March of 2020.

Other source countries which contributed a notable share of remittances for the month were the UK at 11.2 per cent, followed by Canada and the Cayman Islands at 8.4 per cent and 4.7 per cent, respectively. 

Overall, the January to March 2021 period had remittance inflows totalling US$804.3 million.

The improvement in March emanated from an increase in total remittance inflows of 65 per cent or US$129.0 million partly offset by an increase of 17.4 per cent or US$3.3 million in outflows.

The increase in gross remittance inflows stemmed from an increase of 72.9 per cent in Inflows via remittance companies complemented by an increase in inflows via other remittances of 30.3 per cent for March. 

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