Dominicans abroad send home US$16.7B during Medina’s term

Boston, MA.- The Dominican community abroad providedthrough family remittances, RD$734.9 billion (US$16.7 billion) to DominicanRepublic’s economy during president Danilo Medina’s administration, from August2012 to the first quarter this year.

The data figure in a study by the Quisqueya Foundation,from the Central Bank’s annual reports on the Dominican economy during theperiod.

Foundation president and economist Frank Valenzuela said theUS$16.7 billion contribution by the Dominican community abroad was 7.2% of theDominican GDP.

“In particular, the disclosed report reveals that thefigure represented an absolute growth rising to US$3.5 billion, compared toboth periods studied, from US$13.1 billion to US$16.7 billion. This meant inturn a relative increase of 27%,” the economist said.

Valenzuela said Dominicans living in Boston stress the country’seconomic and political stability as factors influencing growth of remittances toDominican Republic during the study period, “which encourages the Dominicandiaspora to invest their savings.”

Trust in government

"I am now sending more money to my family to save andinvest. I want to go to my country, and I feel confidence in the current governmentwho heads the nation," said Antonio Linares, a professor in Cambridge’s demandingpublic education system

The president of Quisqueya Foundation said Linares’ view isone of reasons behind the jump in remittances for the 2013-2015 period, whichequal 48% of the Dominican economy’s export revenue.

“On the other hand, the results presented show that duringthe years 2013-2015, contributions in remittances made by our community livingabroad, in comparative terms, allowed the coverage of 27% of national imports,”Valenzuela said.