The Central Bank of the Dominican Republic (BCRD) has reported a significant surge in remittances during the first ten months of 2024. The country received a total of US$8.9 billion, representing a 5.8% increase compared to the same period in 2023. The country has surpassed its previous remittance records, with a projected total of over US$10.5 billion for the entire year.
The robust inflow of remittances can be attributed in part to the strong performance of the United States economy, as 82.2% of the total remittances in October 2024 originated from the United States, followed by Spain, Haiti and Italy. The low unemployment rate and expansion of the American service sector, where many Dominicans are employed, have contributed to this trend.
The Central Bank highlights the economic impact of the remittances that play a crucial role in the Dominican economy, boosting consumption, investment and supporting vulnerable sectors. The strong inflow of foreign currency has helped maintain the relative stability of the Dominican peso. Likewise, the country’s international reserves are at a comfortable level, providing a buffer against external shocks.
The BCRD maintains a positive outlook for the Dominican economy, anticipating continued strong growth driven by factors such as tourism, remittances, and foreign direct investment. However, the central bank remains vigilant about global economic uncertainties and is committed to ensuring price and exchange rate stability.
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Central Bank
14 November 20244