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The Central Bank (BCRD) reports that in October 2023 remittances were US$827.1 million, up 1.4% compared to October 2022. The Central Bank expects remittances to close the year at a level of US$10 billion.
The large number of Dominican migrants and their strong ties to the Dominican Republic are a major strength for the Dominican Republic. The Central Bank reports that during the January-October 2023 period, remittances reached US$8.42 billion, a growth of 3.7% compared to the same period in 2022. The Central Bank expects a remittance projection of exceeding US$10 billion by the end of 2023.
The flow of hard currency from abroad marks the tenth consecutive month with an increase during the year.
The BCRD explains that the economic performance of the United States is one of the main factors that has influenced the behavior of remittances since 85.2% of these in October...