Remittances received by Dominican Republic grow 43.2 % in first 7 months

RIO DE JANEIRO, BRAZIL – The Dominican Republic received US$6.159 billion in remittances in the first seven months of the year, 43.2% more than in the same period of 2020, the Central Bank (BCRD) reported Monday.

This amount exceeded US$1.856 billion in the remittances received by the country in the same months of last year, according to a statement from the issuing bank.

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The BCRD attributes this behavior “to the continued improvement of economic conditions” in the United States, where more than two million people of Dominican origin reside and from where 84.8% of the flows received in July were sent, which reached US$896.4 million, that is, US$68.7 million more than in July of the previous year, the note adds.

The United States was followed by Spain, which contributed 7.2%, and Haiti and Italy with 0.9% each.

The rest of the remittances received are distributed in Switzerland, Canada, and Panama, among others.

This greater flow of foreign exchange has allowed the accumulation of international reserves, which exceeded US$12 billion at the end of July, approximately 14% of the GDP and equivalent to 7 months of imports, added the BCRD.