Remittances continue to increase

Except for in March and April, remittances sent by Dominicans living abroad have been growing. March and April were the first two months of lockdown for Covid-19.

Remittances entered an upwards trend afterward. In September, Dominicans sent to family and acquaintances in the Dominican Republic US$777.4 million, compared to US$566.9 million in September 2019, a 37% increase. Overall, from January to September 2020, remittances this year have increased to US$5.85 billion, compared to US$5.29 billion in 2019.

Most remittances come from the United States with 84.7%.

The Central Bank reports there have also been increases in exports of export free zones and in gold exports. The recovery of the tourism industry, the country’s primary source of hard currency, continues at a slow pace. Most hotels are reopening for the winter season. The spread of the Covid-19 in major tourism source markets is keeping foreign tourist travel to the country to a trickle. There are expectations of tourists coming in significant numbers by the end of the year. The Ministry of Tourism reports some hotels have bookings for 50% occupancy.

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Central Bank

El Caribe

13 October 2020