Remittance Inflows increase

The Bank of Jamaica (BOJ) says remittance inflows for the first 10 months of 2021 (end of October), totalled approximately US$2.5 billion, as against US$2 billion for the corresponding period last year, to remain strong despite the impact of the coronavirus (COVID-19) pandemic.

She was speaking during the BOJ Monetary Policy Committee (MPC) digital quarterly media briefing on November 19.

Ms. Haynes said increased remittances have been flowing from Jamaica’s main sources, the United States and the United Kingdom while noting that significant funds have been sent from the Cayman Islands.

Meanwhile, BOJ Governor, Richard Byles, in response to questions from journalists acknowledged that the onset of increased inflation could start to erode the ability of Jamaicans in the diaspora remitting funds.

The rate of inflation in the United States climbed to 6.2 per cent as of October 2021, as measured by the consumer price index, which is reported monthly by the Bureau of Labor Statistics (BLS). The out-turn was above market forecasts of 5.8 per cent.

Annual inflation in the United Kingdom climbed to 4.2 per cent in October 2021, above market forecasts of 3.9 per cent, according to the Office for National Statistics’ publication.

Total remittances for 2020 were US$2.91 billion, representing a 20 per cent increase over the US$2.47 billion recorded the previous year.

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