THE Bank of Jamaica (BOJ) has put out final data for remittance flows indicating that for the January to May 2021 period, inflows totalled US$1401.8 million. For the month of May, net flows were US$290.7 million — a sum which was 29.8 per cent or US$66.8 million higher than the total for May of 2020.

The BOJ indicates that the improvement in May resulted from a spike in total remittance inflows of 28.7 per cent or US$68.7 million partly offset by an increase of 12.2 per cent or US$1.9 million in outflows. The increase in gross remittance inflows, the central bank noted, came from an increase of 24.3 per cent in inflows via remittance companies, further aided by an increase in inflows via other remittances of 62.5 per cent for the month of May.

January to May 2021, net remittance inflows of US$1,303.4 million increased by 46.9 per cent or US$416.0 million relative to the previous corresponding period. Remittance companies disbursed most of the improved inflow.

The largest source market of remittance flows to Jamaica for May 2021 was the USA. Remittances from that country accounted for 69.7 per cent of total flows, down from 72.0 per cent recorded for May 2020. Other source countries which contributed a notable share of remittances for the month were the UK at 11.2 per cent, followed by Canada and the Cayman Islands at 11.0 per cent and 4.9 per cent, respectively.

For the January to May 2021 period, remittance inflows to Jamaica grew by 42.0 per cent, which is lower than that of El Salvador which registered a growth rate of 50.6 per cent. Guatemala and Mexico also registered growth for the period, with increases of roughly 43.1 per cent and 23.5 per cent, respectively.