The remittances are sent back by industrious expatriate Dominicans that live mostly in the United States and Spain. The Central Bank reports that remittances were US$8.12 billion through the first 10 months of the year.
The total for the first ten months is US$2.25 billion more than remittances received in the pre-pandemic year 2019. Remittances in October were US$813.8 million, compared to US$580.3 million in October 2019.
The Central Bank explains that the performance of the US economy has made the difference.
The remittances from the US boomed when the US government distributed cash payments to support US citizens during the Covid-19 pandemic. The record month was May 2022 when remittances reached US$933.8 million, compared to US$541.9 million in May 2019. Nevertheless, despite these US government cash assistances no longer in effect, the higher levels of remittances has kept and seems to be the new normal.
The Dominican economy is boosted by records in tourist receipts reflecting record arrivals, goods and services exports reflecting increases in manufacturing and free zone operations, and remittances. The high levels of hard currency receipts has buoyed the Dominican peso, keeping the stability of the currency in local exchange markets.
Read more in Spanish:
Central Bank
16 November 2022