Santo Domingo.- Between January and July of this year, the Dominican Republic recorded remittance inflows amounting to 6.160 million dollars, a figure that exceeds by 4.2 % the amount received in the same period of 2023, according to the announcement on Sunday by the Central Bank (BCRD).
The agency’s document indicated that in July, $921.9 million were received for this concept, representing a rise of 3.7 % compared with July 2023, and highlighted that «the funds sent by Dominicans living abroad generate a multiplier impact on consumption, investment and financial support to the country’s most disadvantaged strata».
One of the main factors influencing the remittance flow was the economic performance of the United States, a country that hosts the majority of the Dominican diaspora, accounting for 83 % of the total formal remittances in July, equivalent to $702.8 million.
Additionally, the BCRD highlighted the arrival of remittances from other nations during July, with Spain standing out with a contribution of $51.9 million, representing 6.1 % of the total and ranking second in the number of shipments from the Dominican diaspora, followed by Haiti and Italy, which contributed 1.4 % and 1.1 % of the inflows, respectively.
Other sources of remittances included countries such as Switzerland, Canada, and Panama.
image credits for this post: Deultimominuto.net
