As usual, the United States contributed the largest amount of remittances in the above-mentioned period, with 83.0 % of formal flows.
The Central Bank of the Dominican Republic (BCRD) reports that, between January and July 2024, remittances received reached US$6,160.2 million, increasing US$250.9 million (4.2 %) compared to the same period of the previous year. In particular, US$921.9 million were received in July, an increase of 3.7% over July 2023.
As usual, the United States contributed the largest amount of remittances in the aforementioned period, with 83.0 % of formal flows in July, some US$702.8 million.
It is worth noting that, during July, US economic indicators show that, during July, the Purchasing Managers’ Index (PMI) registered a value of 51.4 in the month of July, higher than the 48.8 of June, indicating the expansion of the services sector, a sector where a large part of the Dominican Diaspora is employed.
The BCRD also highlights the receipt of remittances through formal channels from other countries in July. Among them, Spain, for a value of US$51.9 million, 6.1% of the total, the second country in terms of the total number of Dominican Diaspora residents abroad. Haiti and Italy, with 1.4% and 1.1% of the flows received, respectively.
In the rest of the remittances received, countries such as Switzerland, Canada and Panama, among others, stand out.
Likewise, as usual, regarding the distribution of remittances received by provinces, the BCRD indicates that the National District received a proportion of 38.1% during July, followed by the provinces of Santiago and Santo Domingo, with 12.1% and 8.4%, respectively. This indicates that more than half (58.5 %) of remittances are received in the country’s metropolitan areas.
Source:Elcaribe.com.do
