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GraceKennedy says remittance business hit by global inflation

Don Wehby
  
GraceKennedy says global inflation has significantly hampered its remittance business.
 
Speaking at the company's investor briefing on Monday, CEO of GraceKennedy Group Don Wehby, said the Caribbean diaspora overseas seem to have less money to send home due to the tight economic climate. 
 
With inflation at 8.2 per cent in the United States, 10.1 per cent in the United Kingdom and 6.9 per cent in Canada, Mr. Wehby noted that the disposable income of people abroad has been negatively impacted.  
 
GraceKennedy holds the licence to operate Western Union in Jamaica. 
 
He said the company will be ramping up marketing efforts and reviewing its mechanisms in a bid to encourage persons to send money back home.
 


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