Jamaica's remittance inflows rose 5.2 per cent in March

Jamaica received US$298 million in net remittance inflows in March 2026, or 5.2 per cent higher over the same month a year earlier, as flows from the diaspora continued to underpin the island's recovery.

“For the month of March 2026, remittance inflows remained strong across all major source corridors. Despite this broad-based growth, the USA continues to be the primary source market,” according to data published by the Bank of Jamaica (BOJ).

Remittances Bulletin.

Remittances, which are gifts sent by overseas residents to locals, are also up from January to March, to US$856 million, or 4.1 per cent higher than the same period in 2025. That pace trails El Salvador, which posted growth of 19.2 per cent, and Guatemala at 11.5 per cent over the same period, but outpaces Mexico's 1.4 per cent gain.

The March growth was concentrated in the remittance companies channel, while flows through commercial banks and building societies — categorised as other remittances — edged lower.

Remittances from the USA accounted for 69.6 per cent of total inflows in March, unchanged from its share a year earlier. The United Kingdom contributed 10.9 per cent, Canada 8.1 per cent, and the Cayman Islands 6.3 per cent.

For the fiscal year to date — April 2025 through March 2026 — net remittance inflows totalled US$3.28 billion, up US$133 million, or 4.2 per cent, relative to the corresponding period of the prior fiscal year. 

Remittances remain one of Jamaica's most significant sources of foreign exchange, equivalent to roughly 15.3 per cent of gross domestic product in 2024, according to BOJ macroeconomic indicators, and exceeding the value of total exports by nearly 80 per cent.

business@gleanerjm.com