Dominican Republic receives US$10,756 million in remittances in 2024

Santo Domingo.- The Dominican Republic received US$10,756 million in remittances in 2024, a 5.9% increase ($598.8 million) compared to 2023, according to the Central Bank. December alone accounted for US$1,003.5 million, marking a 6.2% year-over-year rise. These funds, primarily from the Dominican diaspora, play a crucial role in driving consumption, investment, and financial support for vulnerable sectors.

The Central Bank attributed the growth to the strong U.S. economy, which contributed 80.3% of December’s remittance flows (US$710.5 million). With an estimated 1.3 million Dominicans residing in the U.S., steady unemployment rates around 4% further bolstered remittance inflows. Spain, the second-largest source, contributed US$55.9 million (6.3%), followed by Italy, Haiti, Switzerland, Canada, and Panama.

In addition to remittances, the Central Bank highlighted robust foreign exchange earnings from tourism (US$10,600 million), free trade zone exports (US$8,500 million), and domestic-sector companies (US$5,400 million). These combined inflows, totaling approximately US$43,600 million, helped maintain exchange rate stability, with the Dominican peso depreciating by just 5% in 2024.