Despite the uncertainties caused by COVID-19, Jamaicans overseas are sending home more money to their loved ones, evidenced by the latest Bank of Jamaica (BOJ) Remittances Bulletin.

The Bulletin for September 2020 showed a 30 per cent jump in remittances for the last six months reporting period (April-September), as net remittance inflows amounted to US$1.41billion, representing an increase of US$325.9 million relative to the previous corresponding period. This improvement emanated from a 24.9 per cent or US$305.1 million increase in remittance inflows.

 

This was further driven by a decrease of 15.2 per cent or US$20.8 million in outflows. The increase in inflows resulted from a growth of 28.6 per cent in remittance companies and an increase of 5.9 per cent in other remittances

 

For the month of September alone, the data showed net remittance inflows of US$239.2 million, up by 38.4 per cent or US$66.3 million relative to September 2019.

http://www.jamaicaobserver.com/sunday-finance/remittances-up-30-jump-over-the-last-six-months-despite-covid-19_208650