According to a story written by John Collins for Caribbean Business, Dominican immigrants abroad sent US$2.3 billion home last year, the fourth largest such amount in the Western Hemisphere. Remittances to Latin America and the Caribbean from foreign workers in the US, including Puerto Rico and the US Virgin Islands, were estimated at US$38 billion in 2003, announced the Multilateral Investment Fund of the Inter American Development Bank in Washington, up from US$32 billion in 2002.
The survey lists the largest recipient nation for remittances last year as Mexico (US$13.7 billion), followed by Brazil (US$5.2 billion), Colombia (US$3 billion), the Dominican Republic (US$2.3 billion) and El Salvador (US$2.2 billion). Regional observers indicate that the increase in remittances is helping somewhat to offset a decline in foreign investment, as well as multilateral and bilateral support.
Individual remittances typically range between $200 and $300 a month and most of the estimated 150 million transactions take place outside the official financial system.