Jamaican wallets took a massive hit after the hurricane choked off the money pipeline significantly. Remittance inflows tanked over eight percent during October compared to last year, which marks one of the steepest drops since the pandemic started ruining everything back in 2020.
Bankers confirmed that net transfers dipped to two hundred thirty-eight million dollars after the storm battered infrastructure late in the month. That reduction wiped out over twenty-one million dollars that normally would have reached families depending on those funds for survival.
This mess happened because Hurricane Melissa shut down airports and delayed postal services while wrecking roughly forty percent of the gross domestic product. Widespread damage estimated at nearly nine billion dollars physically prevented people from collecting their cash through traditional channels.
Commercial banks saw transfers plunge alongside massive drops in remittance company activity. Outflows actually jumped ten percent despite the chaos as people seemingly tried moving funds out. Officials hope numbers will bounce back quickly as relatives send emergency cash for rebuilding.
Yearly figures look slightly better with a small overall increase since April, despite this recent crash. However, local growth still trails way behind double-digit spikes seen in places like Guatemala. America remains the heavy hitter for these inflows while providing over two-thirds of the total.
Bankers confirmed that net transfers dipped to two hundred thirty-eight million dollars after the storm battered infrastructure late in the month. That reduction wiped out over twenty-one million dollars that normally would have reached families depending on those funds for survival.
This mess happened because Hurricane Melissa shut down airports and delayed postal services while wrecking roughly forty percent of the gross domestic product. Widespread damage estimated at nearly nine billion dollars physically prevented people from collecting their cash through traditional channels.
Commercial banks saw transfers plunge alongside massive drops in remittance company activity. Outflows actually jumped ten percent despite the chaos as people seemingly tried moving funds out. Officials hope numbers will bounce back quickly as relatives send emergency cash for rebuilding.
Yearly figures look slightly better with a small overall increase since April, despite this recent crash. However, local growth still trails way behind double-digit spikes seen in places like Guatemala. America remains the heavy hitter for these inflows while providing over two-thirds of the total.
