Increase In Remittance Inflows 

  • Remittance inflows for the first 10 months of 2021 (end of October), totaled approximately US$2.5Bn, relative to US$2.0Bn in 2020. Inflows remained strong despite the impact of the coronavirus (COVID-19) pandemic. Total remittances for 2020 was US$2.91Bn, 20% higher than 2019. 
  • According to the Deputy Governor in charge of Banking, Currency Operations, and Financial Markets, Natalie Haynes, increased remittances have been flowing from Jamaica’s main sources, the United States and United Kingdom. Significant funds have also been received from the Cayman Islands as most persons in the Cayman Islands are sending home their funds in anticipation of returning to Jamaica. 
  • Meanwhile, BOJ Governor, Richard Byles, 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% as of October 2021, above market forecasts of 5.8% and was the highest in over 30 years. Annual inflation in the United Kingdom climbed to 4.2% in October 2021.

(Source: JIS News)