The Central Bank reports remittances for January 2022 dropped 4.2% compared to the same month in 2021. The remittances declined to US$759.3 million, down from the record US$792.8 million for the same month in 2021. The level of remittances is still considerably up from the pre-pandemic level of US$537 million in January 2019.
The Central Bank explains that March to September 2021 was a period characterized by significant fiscal stimuli aimed at combating the economic effects of Covid-19, especially in the United States from where 83.1% of the remittances come. The Central Bank says that the remittances are a demonstration of the strong commitment of the Dominican diaspora to the homeland.
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Central Bank
14 February 2022