BOJ says remittance flows and tourist arrivals to increase as US economy continues to improve
Bank of Jamaica Governor Richard Byles said as the United States (US) economy continues to improve, it is expected that remittance flows and the number of tourists coming from that country will also improve.
A recent report from the Grace Kennedy Group of companies revealed that there was a decline in remittances from the US to Jamaica.
This, it stated was due to the effects of inflation in the US.
However, Governor Byles who was speaking at the Standing Finance Committee in Parliament yesterday (December 14) said inflation has been trending down and so too will the prices of goods and services in the US.
Governor Byles stated that with the steps being taken by American authorities to prevent a recession, the Jamaican economy should benefit through remittances and tourism.
Governor Byles said while unexpected events can impact predictions, inflation in the US should gradually trend down in the new year and this will be good for Jamaica’s economy.