The Dominican Republic closed 2021 with a 26.6% increase in remittances, which reached 10.402 billion dollars, the Central Bank reported on Tuesday.
In December, remittances amounted to US$940 million, 7.8% higher than in the same month of the previous year.
The Central Bank attributed the good results of remittances to the continued improvement of economic conditions in the United States, where the bulk of the Dominican diaspora lives and where 83.2% of remittances came from, followed by Spain (7.2%).
The flow of remittances almost doubles the foreign exchange received by the Caribbean country thanks to the arrival of tourists, which amounted to 5,616 million dollars, according to data from the Ministry of Tourism.
The inflow of foreign currency has allowed the country to accumulate international reserves, which exceeded 13 billion dollars at the end of the year, representing 14% of the gross domestic product (GDP) and equivalent to 6.6 months of imports.
These metrics, which exceed the levels recommended by the International Monetary Fund (IMF), have contributed to a current account deficit of around 2.0 % of the GDP at the end of the year and have allowed the stability of the peso in the foreign exchange market, according to the issuing entity.