Jamaica sees an increase in Forex remittances

The Bank of Jamaica (BoJ) has reported an increase of cash remittances sent to Jamaica by Jamaicans abroad of 7.3 percent.

Net remittances went up from US$78.7 million to US$1.1 billion

The BoJ attributed the growth in net remittances largely to an increase in demand for funds to finance back-to school purchases prior to the start of the new school year.

The Inter American Development Bank’s Multilateral Investment Fund (IDB-MIF) has said that remittances play an important role in the growth of the economies of Caribbean countries. The IDB-MIF further revealed that total remittances represent more than the sum of foreign direct investment (FDI) and official development aid combined.