THE latest Bank of Jamaica (BOJ) data show a continuous rise in Jamaica’s net remittances.
The data for October 2020, which was released last week, showed that net remittance inflows for the month accumulated to US$252.2 million, which was an increase of 36.9 per cent or US$67.9 million relative to October 2019. This increase emanated from a jump in gross remittance inflows of 33.1 per cent or US$67.6 million.
The BOJ indicated that this growth was further driven by a marginal decline of 1.6 per cent or US$0.3 million in outflows. The central bank remittance bulletin showed that inflows via remittance companies was the primary driver for the increase in gross remittance inflows.
Inflows through remittance companies for the month jumped by 38.1 per cent. Other remittances also recorded an increase of 10.3 per cent for the month of October.
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