Above: Kingston (CJ Photo)

By the Caribbean Journal staff

Remittances to the Caribbean region increased by 3 percent in 2013, according to a new report from the Inter-American Development Bank’s Multilateral Investment Fund.

Remittances to the region totaled $8.519 billion, a 3 percent improvement in US dollar terms, an 8.9 percent increase in local currency and a 3.3 percent improvement in local currency and adjusted for inflation.

“Remittance flows to Latin America and the Caribbean remain an important source of income for millions of poor and vulnerable families,” said MIF General Manager Nancy Lee. “Remittance recipients need more access to financial tools that will help them use remittances to save and make investments for their future in areas like education, housing, and starting and growing businesses.”

The Dominican Republic received $3.333 billion USD in 2013, a 5.5 percent improvement, followed by Jamaica, which received $2.065 billion and Haiti, which received $2.017 billion.

Trinidad and Tobago was next with $131 million in remittances.

Of the group, the Dominican Republic saw the largest increase.

The Latin America and Caribbean region received a total of $61.251 billion last year, with the United States the source of about 75 percent of remittances to the region.

See the full table below from the IDB: