Remittance Inflows in June Rises Above 5- Year Average

For the month of June 2012, net remittances were US$153.0 million, which was an improvement of US$7.9Mn or 5.5% relative to the corresponding period of 2011.

This resulted from an increase in gross inflows which were partially offset by a marginal increase in remittance outflows. Total remittance inflows were US$175.2Mn, which represented a 5.2% growth relative to the previous year and was above the previous five year monthly average of US$164.9Mn. Increases in outflows of US$0.8Mn partially offset the positive growth in net remittances. Remittance inflows have exhibited a positive relationship with the rate of economic recovery in major source countries. Remittances from the US and Canada were up 9.1% and 9.8% respectively, however, remittances in Europe fell marginally (-1.75%). For the first six months of 2012, net remittances were US$890.9 million, which was 3.5% above the corresponding period of 2011.