Remittances are Jamaica’s largest source of foreign exchange.
Despite the current economic conditions, Net Remittances for the calendar year 2013 were US$1.8 billion, which represented a growth of 2.8% relative to 2012. This was mainly due to a 1% increase in total remittance inflows for the year and a 10% reduction in total remittance outflows.
Total remittance inflows for 2013 now stands at a record high US$2.06 billion, an increase of US$22.5 million over 2012’s US$2.04 billion for the corresponding period. 2013’s record high US$2.06 billion total inflows are especially significant, as they are above the average total inflows for the last 5 periods, US$1.9 billion and above pre-crisis level for 2008.
According to the Bank of Jamaica Remittance Report, based on US Bureau of Labour Statistics, the uptick in inflows can be accredited to the upward movement in the salaries of Jamaicans working overseas in the Hospitality sector. Historically, more than 50% of Jamaica’s remittance inflows originate from the United States.
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