Wednesday, December 31, 2008
Remittances fell by 17.3 per cent, or US$28.4 million ($2.3 billion) during the month of November compared to the same month last year, marking the second consecutive month of decline and the single largest monthly decline on record.
The decline during the month placed remittances for the 11 months to November at 5.2 per cent higher than the comparative period last year.
The current annual growth rate is within the Bank of Jamaica's (BOJ's) revised projected increase in remittance inflows of five to six per cent, but a repeat of November's performance would carry down growth in remittances closer to three per cent over total inflows for 2007.
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