Business Update: Remittances For January 2014

Remittances
Source: BOJ Remittance Report January 2014

For January 2014, net remittances were US$137.8 million, an increase of US$8.0 million or 6.2 % compared with the corresponding period of 2013. The growth in net remittance inflows reflected an increase in gross remittance inflows and a contraction in outflows.

Gross remittance inflows for the month of January 2014 were US$158.2 million, an increase of US$4.2 million or 2.7 % compared with the corresponding month of the previous year.

The rise in total remittance inflows resulted from an increase of US$5.6 million in inflows through Remittance Companies. The increase in these flows was partly offset by a reduction of US$1.4 million in inflows from Other Remittances.

Remittances are Jamaica’s largest source of foreign exchange.