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Small increase in remittances in April

There was a very slight uptick in remittances to Jamaica in April.

Net inflows amounted to US$271.6 million, which was 0.3% higher than during the corresponding period last year.

The US remained the main remittance source market, accounting for 71 per cent of  inflows.

Total remittances since the start of  the year have been estimated at US$993.6 million.

That was 1.9%lower than the corresponding period in 2021.

Meanwhile, the Bank of  Jamaica is not expecting a major decline in remittances, despite global tensions and rising inflation in larger economies.

Deputy Governor at the BoJ Natalie Haynes has observed that this is similar to the trend during the height of  the pandemic.