Remittances were again up to a new record in November, bringing the January to November 2020 total to US$7.34 billion, a 14.3% increase over the previous year and a new record. The increase is especially welcome in a year in which tourism receipts have collapsed.
The Central Bank reports that remittances receipts were up 27% in November. The country received US$707.5 million, up from US$557.1 million in the same month in 2019.
The total for January to November 2020 is at US$7,346.9 million, a net increase of US$916.6 million compared to US$6,430.4 million received for the first 11 months of 2019.
The Central Bank reports that the economy’s foreign exchange flow continues to recover. In addition to the increase in remittances, the free zone export manufacturing sector is also doing well, and gold exports have been a plus. There is also a gradual recovery of the tourism industry, as more international tourists are traveling to Dominican resorts.
“This improvement in the flow of foreign currency, together with the participation of the Central Bank in the exchange market, has allowed us to maintain the relative stability of the exchange rate in recent months and the accumulation of international reserves, which amount to US$10 billion, equivalent to 12.6% of the gross domestic product and six months of imports, above the thresholds recommended by the International Monetary Fund,” reports the Central Bank.
Tourism is gradually picking up. recovered to 21% of what it was in November 2019. Central Bank reports 101,834 foreign tourist arrivals in November, compared to 473,175 in November 2019.
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Central Bank
13 December 2020