Jamaica recorded a big surge in net remittance inflows of US$224.4 million in January 2021, representing a US$62.9 million jump or 39.0 per cent increase relative to January 2020 based on the latest results of Jamaica’s Remittance Bulletin.

The Remittance Bulletin for January 2021, which was published last week by the Bank of Jamaica (BOJ), showed that the surge resulted from an increase in gross remittance inflows of 32.7 per cent or US$59.4 million complemented by a decline of 17.3 per cent or US$3.5 million in outflows.

The increase in gross remittance inflows stemmed from a 36.8 per cent hike in inflows via remittance companies as well as an increase in other remittances of 5.2 per cent for the month of January.