Remittances Inflow up by 25.7% in November 2020

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The Bank of Jamaica (BOJ) is reporting that the country’s net remittance inflows continue to surge, going up by 25.7 per cent in November 2020 to rake in US$220.9 million or US$45.2 million relative to November 2019.

The data released show that November 2020 Remittance Bulletin showed that the 25.7 per cent increase in November resulted from a rise in gross remittance inflows of 18.7 per cent or US$37.5 million.

This was further aided by a decrease of 32 per cent or US$7.7 million in outflows. The increase in gross remittance inflows came from an improvement of 23.5 per cent in inflows through remittance companies.

The data from the BOJ showed that this was partially offset by a decline in other remittances of 2.4 per cent for the month of November. For the period April to November 2020, net remittance inflows of US$1.89 billion was recorded, representing an increase of 30.8 per cent or US$446.2 million relatives to the corresponding period in 2019.

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