Jamaica’s net remittance inflows have decreased by more than eight per cent to US$159.7 million. In April alone, the decrease was calculated at US$15.4 million.

Many pundits projected that remittance flows for April would decline with several local remittance companies reporting, in late April, a decline of 10 to 15 per cent in inflows, compared to declines of as much as 20 per cent earlier in the month.

Finance and Public Service Minister Dr Nigel Clarke indicated in late April that remittances into Jamaica went down by an average of 15 per cent in the preceding six weeks.

However, the final figures have been released by the Bank of Jamaica (BOJ), which reports that the drop in net remittances was due in part to a decline in gross remittance inflows of 9.8 per cent or US$19.9 million. Thisdecline was partially offset by a decrease of 16.9 per cent or US$4.5 million in outflows.

http://www.jamaicaobserver.com/business-observer/jamaica-s-net-remittances-down-by-us-15-4-million-in-april_196966