Tuesday, 13 December 2022 13:17

Remittance continues to decline

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Jamaica continues to see a decline in remittances.
The Bank of Jamaica has reported a dip in remittance inflows for the month of October.
During that month the country recorded inflows of US$263.3 million, which was 5.3 per cent less than October last year.
The BoJ said the decline in inflows largely reflected a three per cent drop in funds coming in via remittance companies.
There was also a fall-off in funds coming through other remittance channels.
More persons brought "cash in hand" from overseas versus last year.
The month's performance brings total remittances for the January to October period, to US$1.9 billion.
That's 1.6% lower than the corresponding 10 month period in 2021.