The Central Bank of the Dominican Republic reports that in May 2020 remittances from Dominicans living abroad were already picking up after a record low in April 2020, during the local peak of the Covid-19 epidemic. As reported, May 2020 remittances were US$638.7 million, up 17% compared to May 2019. The Central Bank explains that the rise is due to the partial reopening of the Spanish and US economies, from where 85% of the remittances come from. In April 2020, there was a decline in remittances of 32%, or some US$190.2 million.
For the first five months of the year, remittances were US$2.7 billion, some US$133.3 million less, or 4.6% decline, compared to those that entered for the same period in 2019.
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Central Bank
18 June 2020