DR1 Daily News - Dominican Republic

Good news. Remittances received in the Dominican Republic continue at record highs. Remittances are practically donations that stimulate the economy. The BCRD highlights the importance of these remittances, which have a multiplier effect on consumption, investment, and financing for the most vulnerable sectors of the economy.

The Central Bank (BCRD) reports that from January to May 2024, remittances reached US$4.38 billion, a 5% increase compared to the same period in 2023. This growth trend continues the pattern observed throughout 2023. In May alone, remittances were US$887.1 million, surpassing the same month in 2023 by 0.7%.

The Central Banks says the US economic performance is the key factor driving remittance growth. 87.3% of formal remittances in May originated from the United States, or US$713.8 million. The US unemployment rate has remained at a low 4% in May, despite a slight increase...