Bank of Jamaica data show in March net remittances increased by nearly US$11m or 6.7% to US$171.5m.This reflected an increase in gross remittance inflows which was augmented by a marginal decline in remittance outflows.Gross remittance inflows for the month were US$187.8m, an increase of US$9.4m or 5% relative to the corresponding period last year. The inflows were above the average of US$173m for the previous five corresponding periods.And during the first quarter of 2014 remittances were also up. Net remittances for the three months were US$461m, an increase of US$29m or nearly7% when compared to 2013. The outturn for the review period reflected an increase in gross remittance inflows and a contraction in outflows.Total remittance inflows were US$514, an increase of US$21.8m or 4%. The inflows were above the average of US$468m for the previous five corresponding periods. Remittance inflows for the year to-date were marginally above the corresponding pre-crisis out-turn for 2008.
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Remittance inflows on the increase
