Image: Pexels
Santo Domingo.- In July, the Dominican Republic received over $921 million in remittances, with Greater Santo Domingo and the province of Santiago accounting for 58.5% of the total.
Data from the Central Bank reveals that the National District received 38.1% of the remittances, followed by Santiago with 12.1% and Santo Domingo with 8.4%. The Northern region received 12.9%, while the Eastern region received 7.2%. The Southern region saw the smallest share, with only 6.2% of the total remittances.
The Central Bank projects that by the end of the year, remittances will total approximately $10,500 million, foreign direct investment (FDI) will exceed $4,500 million, and tourism revenue will surpass $10,600 million.
These foreign currency inflows have contributed to the relative stability of the exchange rate, with the national currency depreciating by 2.1% by the end of July 2024 compared to the end of 2023.
The increased external income has also helped maintain a healthy level of international reserves, which reached $15.3 billion by the end of July. This amount covers around 5.8 months of imports and is equivalent to 12.3% of GDP, exceeding the IMF’s recommended thresholds.