Remittances continue on upward trend

Dolores

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The Central Bank reports that remittances for the first seven months of the year were up 43.2% compared to 2020, already a record year in remittances. Remittances reached US$6.16 billion from January to July 2021.



The Central Bank attributes the increase in remittances to the continued improvement in the US economy, the US government stimulus plans, and the decline in unemployment in the United States (5.4%). 84.8% of the flows in July came from the United States. The US Census Bureau registers two million people of Dominican origin.



Read more in Spanish:Central Bank



10 August 2021

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CristoRey

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Amazing.
Almost all of the Dominicans in the
US live/work/hustle in NYC and the surrounding cities which were under total lock down last year so a lot of them weren't working but hey...
if I was given a choice of where my tax dollars should be spent/ sent, I'd rather them sent and spent here than the anywhere in the USA.
 
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windeguy

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Amazing.
Almost all of the Dominicans in the
US live/work/hustle in NYC and the surrounding cities which were under total lock down last year so a lot of them weren't working but hey...
if I was given a choice of where my tax dollars should be spent/ sent, I'd rather them sent and spent here than the anywhere in the USA.
Those dollars are "after tax" dollars unless those DomYorks are working illegally "under the table" and then they could be considered pre-tax dollars, I suppose...
 
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CristoRey

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isn't it humiliating to qualify for a stimulus check ?
Lol, whether or not people who were "qualified" received them was my point but like I said, if I was given the choice I'd much rather it be sent and spent down here than up there on them wokies.
 
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reilleyp

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isn't it humiliating to qualify for a stimulus check ?
There was a calculator on CNN that linked to a government website. I played with the numbers. You can make about $180,000 per year with three kids, and you will get $800 per month for the rest of this year and a $5000 tax credit for your 2021 taxes regardless of whether you are currently employed or not. There is nothing humiliating about it. They are printing money and handing it out as fast as they can to whoever will take it and even those who did not ask for it. I am sure a lot of that will end up in the DR. I see a lot of houses under construction in Las Galeras and it is not because of a good economy there. Tourism has been slow for 4 years.
 
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Remittances to the DR are currently up big for two basic reasons:

1. As countries closed/locked down and businesses ground to a snails pace, it was only natural that remittances would fall hard in 2020........and they did. So comparing remittances from 2020 to 2021 is a bit disingenuous. Beating remittance numbers from 2020 is easy as they were so low...........so it not surprising that the increases yoy are very high.

It is a bit like the tourist numbers the DR are currently touting. They have easy comparisons from 2020.

2. All that stimulus money coupled with the extra money the government gave out in unemployment compensation has allowed people to send back even more remittance money than they previously had sent. The extra unemployment money ends September 4, 2021.


Every citizen qualified, what gives?
Lots of people did not qualify for stimulus as there income exceeded the government cap.


Respectfully,
Playacaribe2
 
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windeguy

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isn't it humiliating to qualify for a stimulus check ?
I look at paying taxes as "humiliating", but everyone has a different perspective.

I did not consider the "stimulus" money as the source of the increase in remittances.
I considered that there were fewer remittances during the Covidic Epoch and now things are starting to pick up again.
 

keepcoming

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isn't it humiliating to qualify for a stimulus check ?
It was based on your previous/current tax returns, although the first / sec round the income level was set fairly high. Many received them via direct deposit, etc... Some family members (niece, nephew, cousins who are married and have kids) who are working in NY, NJ, BOS, etc..received upwards of 4k each stimulus. Half was sent back to DR. As for humiliating, well for example my nieces hours were cut considerable due to the restrictions so even though she was working it helped her get by. She also sent half to DR, putting it toward the house they are building.
 

Big

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I look at paying taxes as "humiliating", but everyone has a different perspective.

I did not consider the "stimulus" money as the source of the increase in remittances.
I considered that there were fewer remittances during the Covidic Epoch and now things are starting to pick up again.
I like to think that we get something out of paying taxes, roads, sidewalks, schools, fire/police. Although its not always the case. As for a stimulus check, it just seems to me its the same people that participate in welfare, food stamps, unemployment, workman's comp. and have the ambition of a 3 toed sloth. Whether its sent back to the D.R or not, I would never be proud of saying "I received stimulus money"
 

CristoRey

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I like to think that we get something out of paying taxes, roads, sidewalks, schools, fire/police. Although its not always the case. As for a stimulus check, it just seems to me its the same people that participate in welfare, food stamps, unemployment, workman's comp. and have the ambition of a 3 toed sloth. Whether its sent back to the D.R or not, I would never be proud of saying "I received stimulus money"
Welcome to the new American way.