The Central Bank of the Dominican Republic (BCRD) reports that remittances received reached a record high of US$10.756 billion in 2024, surpassing the institution’s projections. This represents a 5.9% increase or US$598.8 million compared to 2023.
The forecast for 2025 is for remittances to continue to grow in 2025, reaching an estimated US$11 billion. However, the BCRD also acknowledged the challenges posed by the global economic environment and pledged to remain vigilant in safeguarding the country’s economic stability.
The BCRD attributed the surge in remittances primarily to the strong economic performance of the United States, where around two million Dominicans live. The low unemployment rate and expansion of the US service sector, which employs many Dominicans, contributed to the increased flow of funds.
In December alone, the country received US$1.003.5 billion in remittances, marking a 6.2% year-over-year increase. This steady influx of funds has a significant impact on the Dominican economy, boosting consumption, investment and supporting vulnerable populations.
While the United States remained the primary source of remittances, accounting for 80.3% of the total in December, Dominican populations in other countries like Spain, Italy, and Haiti also contributed.
The Central Bank reported on positive trends in other key sectors of the Dominican economy. Tourism revenues are expected to exceed US$10.6 billion, foreign direct investment is projected to surpass US$4.5 billion, and exports from free trade zones are estimated to reach US$8.5 billion. These combined factors have contributed to a relatively stable exchange rate and a healthy level of international reserves.
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Bancentral
Noticias SIN
13 January 2025