The Central Bank (BCRD) reports that from January to May 2023 remittances are 2.9% more than for the same period in 2022. The Central Bank reports that for the first five months of 2023, the Dominican Republic has received US$4.17 billion in remittances. The BCRD attributes the increase to the low unemployment in the United States source of 85.4% of remittances.
The country received US$881.1 million in May 2023, a 3.5% increase over May 2022. This is the fifth month with an increase in remittances this year. In May, US$679.3 million entered from the United States. Spain is the second source of remittances, with US$44.5 million, or 5.6% of the total. Haiti, Italy, Switzerland, Canada and Panama are other countries with large Dominican expat communities.
The Central Bank says that 57.7% of the remittances are received by persons living in metropolitan areas of the National District (35.2%), Santiago (14%) and Santo Domingo province (8.5%).
The Central Bank is bullish on remittance flows, product and services exports, tourism revenues and foreign direct investment to continue strong throughout the rest of 2023.
“These foreign currency inflows will continue to influence the relative stability of the exchange rate currently observed, such that at the end of May the national currency appreciated by 2.9% with respect to the end of 2022,” reports the Central Bank in a press release.
The institution highlights that the greater flow of external revenues also allowed the accumulation of international reserves, which at the end of May exceeded US$16.1 billion. This level represented 13.2% of the GDP and 6.0 months of imports, above the thresholds recommended by international organizations.
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Central Bank
June 13, 2023