Jamaica’s net remittances jump 9.3% in June, marking strongest monthly gain this year

Net remittance inflows to Jamaica rose 9.3 per cent in June to US$292.8 million, the sharpest year-over-year monthly increase so far in 2026, according to data published by the Bank of Jamaica.

The gain, equivalent to US$24.9 million above the June 2025 out-turn, was driven primarily by an 8.5 per cent rise in gross inflows through remittance companies, the dominant transfer channel. Flows through commercial banks and building societies, classified as other remittances, also contributed, expanding 11.2 per cent to US$36.4 million.

For the first half of the calendar year, total remittance inflows amounted to US$1.78 billion, an increase of 4.2 per cent relative to the corresponding period in 2025. Outflows rose modestly, leaving net remittances for the six months at US$862.4 million.

The United States remained the primary source corridor, accounting for two-thirds of inflows. The United Kingdom contributed 10.8 per cent; Canada, 9.3 per cent; and the Cayman Islands, 6.3 per cent.

Jamaica’s half-year growth, however, trailed several regional peers. Guatemala posted a 7.0 per cent increase over the same period, and El Salvador recorded 4.8 per cent, while Mexico grew 3.2 per cent.

The performance fits a broader pattern identified by the Inter-American Development Bank (IDB), which noted in a recent report that remittance flows across the Caribbean grew 5.9 per cent in the first quarter of 2026. The IDB expects absolute flows to reach another record this year but sees limited room for further acceleration.

The June rebound is notable, given last year’s disruptions. Hurricane Melissa battered the island in October 2025, triggering an 8.3 per cent contraction in that month’s inflows and raising questions about the resilience of transfer channels. The strong first-half out-turn suggests those concerns have largely receded.

business@gleanerjm.com