Remittances Strengthen by 9.3% in June, H1 Inflows Up 4.2%

 

  • For June 2026, net remittance inflows to Jamaica increased by 9.3% year-over-year to US$292.8Mn, compared to 2.9% for June 2025, according to the Bank of Jamaica’s (BOJ’s) Remittance Bulletin. The increase reflects an 8.5% (US$24.5Mn) rise in total remittance inflows, mainly due to stronger flows through the Remittance Companies channel, supported by flows through the Other Remittances channel1.
  • For January to June 2026 (H1 2026), total remittance inflows to Jamaica amounted to US$1.78Bn, representing a 4.2% increase relative to the corresponding period of 2025. Jamaica’s growth trailed Guatemala (7.0%) and El Salvador (4.8%) but exceeded Mexico (3.2%).
  • The United States remained the primary source market for remittances, accounting for 68.8% of total inflows in June 2026. This compares to 68.2% in June 2025. Other significant source markets were the United Kingdom (10.8%), Canada (9.3%) and the Cayman Islands (6.3%).
  • Looking ahead, remittance inflows are expected to provide support to Jamaica’s external position. This will be particularly important as the BOJ expects the current account balance to deteriorate in the near term due to higher fuel and freight costs and increased imports associated with post-Hurricane Melissa rebuilding efforts. Additionally, healthy gross international reserves, which stood at US$6.7Bn as at July 2026, and a relatively stable foreign exchange market should provide some buffer against these external pressures.
  • However, downside risks to remittance inflows remain, particularly from softer U.S. labour market conditions, given that the United States accounted for 68.8% of Jamaica’s remittance inflows in June. A sustained weakening in S. labour market conditions could temper migrant income growth and, consequently, remittance inflows to Jamaica.

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1‘Other Remittances’ refers to any remittance activity occurring outside of traditional remittance companies, for example, transfers via deposit-taking institutions.

(Sources: Bank of Jamaica & NCBCM Research)