A recent analysis carried out by the Center for Economic Studies at the Pontifical Catholic University Madre y Maestra (PUCMM) showed a growth over the last nine years of remittances sent by expatriate Dominicans back to the country. Remittances from the United States are the biggest part of the total, but are not the largest in average remittance.
In 2017, the flow of currency from remittances totaled US$5.9 billion, with a year to year increase of 12.4% over 2016. The report says that although the final numbers from November and December are not in for 2018, it is expected that the growth trend will continue. According to the preliminary results for the Dominican economy from January-December 2018, it is estimated that the country will end up receiving funds from remittances amounting to US$6.52 billion, a very notable 10.4% increase (US$612.8 million over 2017). In October the remittances had totaled US$5.29 billion.
Regarding the origin of the funds, the United States continued to be the largest source as well as having the greatest number of transactions. Some 77.4% of everything received between January and October has come from the US. And 85% of all remittance transactions took place in the US.
Nonetheless, the US occupies the sixth position with regard to the average remittance. It is Switzerland, which is not listed among the major sources, which leads the way on average remittance at US$349.20, followed by Spain at US$342.40 and France at US$340.70.
The study also revealed that the country’s two major urban areas, the National District and Santiago are the major recipients of remittances with the National District receiving nearly a third of all of that money, 31.8%, and Santiago 14.9%. Fully three-quarters of the money comes through remittance companies (76.1%) and 23.9% comes through financial institutions.
Read more in Spanish:
Diario Libre
28 January 2019
