BOJ amends September remittance data | Loop Jamaica

The content originally appeared on: Jamaica News

The Bank of Jamaica (BOJ), last Thursday, posted revised data for September 2021, which shows that net remittance inflows of US$282.8 million increased by 16.8 per cent or US$ 40.7 million in comparison to September of 2020.

A previous report had stated a year-on-year decline.

The central bank said that this improvement emanated from an increase in total remittance inflows of 17.2 per cent or US$44.8 million, partly offset by an increase of 22.9 per cent or US$4.0 million in outflows.

The increase in gross remittance inflows resulted from a growth of 13 per cent in inflows via remittance companies aided by an increase in inflows via other remittances of 48.2 per cent for September.

For fiscal-year-to-September 2021, net remittance inflows of US$ 1680 million increased by 18.4 per cent or US$260.6 million, relative to the previous corresponding period.

The BOJ said that this improvement resulted from an increase of 17.8 per cent or US$272.3 million in total remittance inflows, offset by an increase of 10.8 per cent or US$11.7 million in total remittance outflows.

The improvement in inflows resulted from an increase of 16.4 per cent in remittance companies flows, while other remittances recorded an increase of 27 per cent.

The largest source market of remittance flows to Jamaica for September 2021 was the US. Remittances from the North American market accounted for 69.7 per cent of total flows, up from 67.4 per cent recorded for September 2020.

Other source countries which contributed a notable share of remittances for the month were Canada at 11.6 per cent, followed by the UK and the Cayman Islands at 10.3 per cent and five per cent, respectively.

For the January to September 2021 period, remittance inflows to Jamaica grew by 24.4 per cent, which is lower than that of Guatemala which registered a growth rate of 36.6 per cent. Similarly, El Salvador registered a growth of 31 per cent for the period.

Overall, remittance inflows for the January to September 2021 period totalled US$2,605.1 million.