Remittances in the first quarter

Santo Domingo.- The Central Bank announced this week that remittance inflows to the Dominican Republic reached US$2,635.6 million during the first quarter of this year, marking a 6.2% increase compared to the same period in 2023.

It’s evident that at this pace, the Dominican Republic is on track to surpass US$10,000 million once again in foreign currency earnings from remittances sent by Dominicans living abroad to their families and friends here.

However, it’s crucial to note a detail when examining individual monthly figures. According to data from the Central Bank, remittances grew by 9% in January of this year, and a similar trend was observed in February, with a growth rate of 9.4% compared to the same months last year. However, in March, the growth was only 1.1%, indicating virtually no growth. Hopefully, this slowdown will not persist in the upcoming months.