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.”