Remittances

October 2016 | Released on 12 December 2017

Remittances remained high as Christmas season approaches


* TOP $m Oct 16 Sep 16 Aug 16 July 16

Remittance Receipts
23.20 22.93 24.79 22.14
Private Transfers
21.23 20.68 22.27 19.91
Employee Compensation 1.36 1.76 2.15 1.89
Private Capital Transfer 0.54 0.43 0.33 0.28
Social Benefits 0.07 0.06 0.05 0.05

Remittances slightly rose over the month of October 2016 by 1.2% ($0.3 million) to $23.2 million, underpinned by higher inflows of private transfers mainly receipts for family support. In year ended terms, total remittances reached $263.3 million, $44.4 million (20.3%) higher than it was a year ago. Remittances receipts represented 38% of the total overseas exchange transaction (OET) receipts in October, which is close to the 37% recorded in September. Over the year, remittances represented 39% of the total OET, which is the same as it was for the year to September 2016.

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