More money was “sent home” to Jamaica through remittance services in 2011 than any other year thus far.
It is reported that, “Remittances rose to a new high of US$2.025 billion of inflows last year. The last time Jamaica hit that mark was in 2008 when inflows were recorded at US$2.021 billion.” In other words, things are looking good for the remittance companies. Despite all the crises happening across the world, Jamaica’s remittance service provides are going even further, predicting that their already booming businesses will improve. GraceKennedy Money Services Vice-President Noel Greenland explained the basis for his company’s expectations:
“… Since the majority of remittances that come into Jamaica may be described as non-discretionary transfers – that is to say, money is sent for daily care purposes, example, spouse, children and parental care – this form of remittance will continue, even if there is a recession,” he said