THE Bank of Jamaica (BOJ) has put out final data for remittance flows indicating that for the January to May 2021 period, inflows totalled US$1401.8 million. For the month of May, net flows were US$290.7 million — a sum which was 29.8 per cent or US$66.8 million higher than the total for May of 2020.

The BOJ indicates that the improvement in May resulted from a spike in total remittance inflows of 28.7 per cent or US$68.7 million partly offset by an increase of 12.2 per cent or US$1.9 million in outflows. The increase in gross remittance inflows, the central bank noted, came from an increase of 24.3 per cent in inflows via remittance companies, further aided by an increase in inflows via other remittances of 62.5 per cent for the month of May.

January to May 2021, net remittance inflows of US$1,303.4 million increased by 46.9 per cent or US$416.0 million relative to the previous corresponding period. Remittance companies disbursed most of the improved inflow.

https://www.jamaicaobserver.com/sunday-finance/us-1-4-billion-inflow-jamaica-s-remittance-flows-to-may-total-more-than-us-1-4billion_229838?profile=1056