Total remittance inflows of just under US$1.7 billion for the first 10 months (April to January) of the 2011/12 fiscal year represent the largest sum since the 2008/09 fiscal year.
This information is contained in the latest Balance of Payments Remittance Report (January 2012), published by the Bank of Jamaica (BoJ).
For the review period, net remittances were US$1.468 billion, which represented an increase of US$87.1 million or 6.3 per cent, relative to the corresponding period of the previous fiscal year. This resulted from positive growth in gross inflows, though partially offset by an upturn in remittance outflows.
With respect to the latest month reviewed, January 2012, the Report states that during the month, total remittance inflows were US$149.7 million, an improvement of US$5.7 million or 4.0 per cent growth, relative to the corresponding month of the previous year.
Net remittances for the month were US$126.3 million, representing an improvement of US$1.6 million or 1.3 per cent relative to the corresponding period of 2011. The report also noted that for the review month increases in outflows of US$4.1 million “partially offset the positive growth in net remittances.”
The Central Bank explained that the positive growth in total remittance inflows emanated from both ‘Remittance Companies’ and ‘Other Remittance’ sub-categories.
“Remittance Companies recorded an increase of US$82.7 million or 6.1 per cent, while ‘Other Remittances’ had an increase of US$14.6 million or 5.9 per cent. For the review period, the upturn in outflows of US$10.2 million partially offset the positive growth in net remittances,” the report notes.
It further points out that the remittance inflows for the first 10 months of the 2011/12 fiscal year were consistent with positive developments in the source economies over the review period.