The Central Bank reports that remittances were US$888.1 million in March 2022, more than the amounts received in January and February. Remittances for the first quarter are at US$2.40 billion, higher than in the years before the pandemic. Remittances for the first quarter 2022 were US$653 million more than those for the first three months in 2019.
The average for March from 2015 to 2019 was US$545.4 million. Nevertheless, remittances in March 2022 were 10.7% lower than for the same month in 2021 when the US government had in place aid schemes. These ended in September 2021.
The Central Bank indicates that the first quarter remittance totals are evidence that Dominican expats have kicked upwards the regular amount they are sending home. Dominicans in the USA sent 85.6% of the total remittance flows in March.
The Central Bank says the improved labor market conditions in the United States is behind the higher remittances. The unemployment rate fell slightly to 3.6% during that month, from 3.8% in February 2022. In particular, US Hispanic unemployment fell from 4.4% in February to 4.2% in March.
The Central Bank says that the remittances were signed off by people living in metropolitan areas — 33.4% residents in the National District, 14.3% Santiago and 8.7% province of Santo Domingo.
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Bancentral
12 April 2022