Dominicans living abroad continue to send back significant flows of remittances. The Central Bank reports that remittances in the first half of year reached US$5.02 million, 3.3% more than for the same period in 2022. In June 2023, remittances were US$846.4 million, up 5.3% compared to June 2022. The Central Bank expects remittances to exceed US$10 billion by the end of 2023.
The Central Bank attributes the upward trend in remittances to the solid economic performance of the United States. 83.8% of the remittances received are from Dominican expats living in the United States. Dominicans living in Spain sent back another 6.3% of the total remittances for the first half of 2023.
The Central Bank outlook is for remittances, exports, tourism and foreign direct investment to continue strong. The Central Bank says that foreign currency inflows will continue to influence the relative stability of the exchange rate appreciated 1.5% compared to the end of 2022.
International reserves exceed US$16.2 billion at the end of June 2023. This level represents 13.2% of the GDP and six months of imports, above international organizations’ recommended threshold.
The Central Bank reaffirmed its commitment to monitor the economy to continue taking the necessary measures to counteract the impact of the current challenging international environment, to guarantee the stability of prices and the exchange market.
Read more in Spanish:
Central Bank
10 July 2023