1 month ago
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Jamaica’s remittances continue to rise despite uncertainty in key source markets, the latest data from the Bank of Jamaica show.
The flows so far this year have topped US$1 billion.
“We’re seeing growth from both the US and UK markets,” said Margaret Campbell, CEO of GraceKennedy Money Services and president of the Jamaica Money Remitters Association.
“Many Jamaicans living in the USA are employed and are benefiting from rising wages, especially in the service and health care industry. This gives them more disposable income to send back home to support family and friends.”
Remittance inflows for April 2025 reached US$276.8 million, marking a 2.5 per cent increase over the same period last year, despite growing uncertainty in the United States.
Year-to-date figures show a similar trend, with inflows totalling US$1.04 billion, up 2.9 per cent compared to the first four months of 2024.
The BOJ attributed the growth primarily to higher volumes processed through formal remittance companies, which offset a slight decline in inflows via other channels. The resilience of remittance flows comes amid concerns over new US legislation.
“Also, persons may be anticipating the implementation of the 1.0 per cent remittance tax under the US ‘Big Beautiful Bill’ legislation, and have decided to transfer funds before the fee takes effect,” Campbell said.
The One Big Beautiful Bill Act was signed into law by President Donald Trump this month as the cornerstone of his second-term agenda. This budget reconciliation law overhauls US policy through hundreds of provisions affecting taxes, spending, immigration, energy, and how funds exit the United States.
Campbell also pointed to a surge in digital transfers with increased use of mobile apps and digital remittance services. These methods offer lower fees and better exchange rates, she stated indicating it increases frequency of transactions.
BOJ reported in its April bulletin that the United States accounted for about 69 per cent of total remittance inflows, followed by the United Kingdom, Canada, and the Cayman Islands.
While the long-term impact of US policy changes remains uncertain, Jamaica’s remittance sector continues to show resilience.
“The Jamaican diaspora has always been loyal and feels a sense of responsibility for their family and friends,” said Campbell. “They will always send to ensure their well-being,” she said.
English (US) ·