Remittances down in June

June marked the continuation of a downward trend in net remittances to Jamaica.

According to the Bank of Jamaica, US$271.3 million entered the nation in one month.

When compared to the same period in 2021, that implies a decline of US$12 million or 4.2%.

The net inflows for the month boosted the total since the beginning of 2022 to US$814 million.

When compared to the same six-month period in 2021, that represented a decrease of US$30 million, or over 4%.

Market analysts have noticed a falling trend in the number of households receiving remittances over the past few quarters.

The reduced numbers are due to a variety of factors, including tighter budgets and an increase in remittances made “cash in hand.”


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