Economy November 18, 2024 - 12:05 pm
Haiti ranks third in remittances to Dominican Republic
Santo Domingo.- Despite having a small Dominican community, Haiti ranked third in remittances sent to the Dominican Republic in October, following the United States and Spain. According to the Central Bank of the Dominican Republic (BCRD), Haiti accounts for 1.4% of all remittances, surpassing countries with larger Dominican populations, such as Italy, Switzerland, Canada, and Panama.
The United States remains the top contributor, responsible for 82.2% of remittances in October, totaling $694.5 million. This influx was bolstered by a strong U.S. job market, with unemployment at 4.1% and 12,000 new jobs created. Additionally, growth in the U.S. services sector, where many Dominicans work, further supported remittance flows.
Spain, with its significant Dominican diaspora, ranked second, contributing $53.3 million (6.3% of total remittances). The BCRD emphasized that remittances from various countries continue to play a critical role in the Dominican economy, with formal channels ensuring a steady inflow.
Source: N Digital