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The Central Bank of the Dominican Republic attributes the higher level of remittances to the steady economy in the United States. In the first third of the year, the country has received well over US$3.3 billion from overseas Dominicans, and in April alone, the amount was over US$800.
April 2023 was the fourth consecutive month that saw an increase in the arrival of these funds, with over 85% coming from the United States. Spain is the second leading provider of remittances.
And most of this money goes to relatives of persons who live in major cities such as Greater Santo Domingo and Santiago.
The significant flow of remittances has bolstered the Dominican peso that has appreciated by over 3%. Hard currency reserves at the Central Bank have increased, with over US$16 billion now in reserve.
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