Jamaicans sent less funds abroad via remittance platforms in August 2022, the last month for which the Bank of Jamaica (BOJ) has provided data. Remittances leaving Jamaica in August was down by 21.9 per cent to US$4.9 million.

Jamaicans mainly send funds to destination countries the United States of America, Canada, the United Kingdom. The funds, the BOJ indicates, are peer-to-peer transfers, not profit repatriated.

The fall-off was not explained by the central bank.

Meanwhile, net remittance inflows of US$289.7 million increased by 15.8 per cent or US$39.4 million in comparison to August 2021.

For the January to August 2022 period remittance inflows to Jamaica amounted to US$2,266.6 million.

This out-turn represented a decline of 1.5 per cent.

By comparison other countries in the region recorded improved remittance flows such as Guatemala which registered growth of 24.0 per cent increase in remittances while Mexico and El Salvador registered growth of 15.3 per cent and 3.4 per cent, respectively, for the same period.

The BOJ indicates that growth in total remittance inflows largely came through remittance companies which recorded a 14.5 per cent increase in inflows. The BOJ reiterated that the increase in remittance inflows is partly attributable to “greater flows to finance robust back-to-school expenses.”

The USA continues to be the largest source market of remittance flows to Jamaica, accounting for 69.9 per cent in August.

Other source countries which contributed a notable share of remittances for the month were Canada at 11.8 per cent, followed by the UK and the Cayman Islands at 9.0 per cent and 5.6 per cent, respectively.