Sunday, June 4, 2023

Remittances reach US$ 3.3 billion in the first 4 months of 2023

Santo Domingo. Remittances received by the Dominican Republic in the first four months of 2023 reached US$3,300.00 million, showing a 2.7% increase compared to the same period last year, the Central Bank reported.

In a press document sent to ALMOMENTO.NET, it was noted that April recorded an amount of US$811.0 million, an increase of 0.1% compared to the same month in 2022.

“These flows mark the fourth consecutive month of growth so far this year,” he added.

85.2% of inflows from the United States

He explained that the economic performance of the United States was one of the main factors that influenced the behavior of remittances, as 85.2% of formal flows in April came from that country, some US$608.2 million.

He highlighted that the economy grew by 1.1% during the first quarter of 2023, according to its Office of Economic Analysis, and unemployment stood at 3.4% in April 2023, equivalent to the lowest level in the last 50 years.

“Additionally, the Institute of Supply and Management’s (ISM) non-manufacturing purchasing managers’ index (PMI) recorded a value of 51.9 in April, indicating an expansion in the services sector, where most of the Dominican diaspora is employed.” Said.

The financial institution said that Spain was the second country from where most remittances were received in April, accounting for 5.9% of the total amount of US$41.9 million, followed by Haiti and Italy at 0.8% and 0.8% respectively. The rest is divided between countries such as Switzerland, Canada and Panama.

National district obtained the highest ratio

The BCRD states that the national district received the highest proportion of remittances received at 35.1%, followed by the provinces of Santiago and Santo Domingo at 14.0% and 8.6%, respectively.

This indicates that more than half (57.7%) of remittances are received in metropolitan areas of the country.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news


Please enter your comment!
Please enter your name here