Net Remittance Up 25.7% For November

• Despite the pandemic and its impact on major source markets, local remittances continued to be buoyant increasing 25.7% or US$45.2Mn to US$220.9Mn in November 2020 relative to November 2019. This increase resulted from an increase in gross remittance inflows of 18.7% or US$37.5Mn, augmented by a 32.0% or US$7.7Mn decline in outflows.
• The increase in gross remittance inflows was attributable to an improvement of 23.5% in inflows via Remittance Companies, partially offset by a decline in Other Remittances of 2.4%.
• The largest source market of remittance flows to Jamaica for November 2020 was the USA, accounting for 68.1%, up from the 64.2% recorded for November 2019.
• Other source countries that contributed a notable share of remittances for the month were the UK at 11.6%, followed by Canada and the Cayman Islands with 10.2% and 6.1%, respectively.
• For the period April to November 2020, net remittance inflows increased by 30.8% or US$446.2Mn to US$1,892.6Mn relative to the previous corresponding period.

(Source: BOJ)