Friday, December 03, 2021

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Remittances grow by 64.9% in Dominican Republic

Remittances grow by 64.9% in Dominican Republic

Santo Domingo, May 11 (Prensa Latina) Remittances sent to Dominican Republic grew 64.9% during January-April period compared to 2020, reaching up to over US,4 billion, the Central Bank (BCRD) reported.
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According to BCRD, in April remittances grew by 130.6% year-on-year, about US$515.8 million extra to those received in April, 2020.

It´s obvious that one of key factors influencing remittances´ behavior was the improved economic conditions in the United States, where most of Dominican migration lives.

In April, 86.6% of remittances came from the US, while 6.1% from Spain, the European country with highest number of Dominican migrants.

Finally, the BCRD said that this greater flow of foreign currency allowed the international build-up worth US$12 billion, approximately 14.7% of the country´s Gross Domestic Product.

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