Remittances to Jamaica steady amid crisis

KINGSTON, Jamaica, November 27, 2008 – The financial crisis in the United States has not yet affected remittances to Jamaica.

Charles Spence, Sales and Marketing Manager for North America at Jamaica National Overseas’ – a money transmitting company – has revealed that the level of funds being sent back to the island through the company has remained steady since the US economic meltdown earlier this year. And he has predicted that the flow will continue despite the financial difficulties.

Marketing Consultant of GraceKennedy Remittance Services/Western Union, Hazel Maragh, and Caribbean Regional Manager for MoneyGram, Steve Higgins, have also reported steady levels of remittances.

Meantime, the country’s Finance Minister Audley Shaw also reported an increase in the amount of money which Jamaican nationals overseas have sent back home.

“Remittances have, in the past, demonstrated resilience even in times of economic slowdown in originating markets. Up to the end of October, remittance flows to Jamaica were up by 7.5 per cent,” he reported.

Statistics show that the overall flow of remittances into the country last year totalled US$1.9 billion, indicating a steady annual growth.