Record in remittances in first five months of 2024; projection of US$10.4 billion by year’s end

Dolores

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Feb 20, 2019
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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...

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