September remittance inflows slightly down Loop Jamaica

Black Immigrant Daily News

Net remittance inflows, which provide funds to many Jamaicans, declined 4.2 per cent to US$270.9 million in September 2022, when compared to the same month in 2021.

“The decline in remittance inflows is partly due to increased cash-in-hand remittances as travel recovers,” said the Bank of Jamaica (BOJ) in its monthly remittance bulletin.

The decline in gross remittance inflows largely reflected a fall in inflows via remittance companies.

Since the start of the year to September, total remittances are also down but slightly to US$2.55 billion, moving from US$2.6 billion in the same period in 2021.

The largest source market of remittance flows to Jamaica for September 2022 continues to be the US.

Remittances from the US accounted for 70.9 per cent of total flows, up from 69.7 per cent recorded for September 2021.

Other source countries which contributed a notable share of remittances for the month were Canada at 11.4 per cent, followed by the UK and the Cayman Islands at 8.6 per cent and 5.5 per cent, respectively.

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