Dominican Republic remittances jump by US$1.1B in 6 years
Santo Domingo.- A buoyed internationaleconomy has been a boon for the DominicanRepublic, as incoming remittances jumped by US$1.1 billion (RD$4.9 billion) inthe last six years
Central Bank data show that cash transfers tothe country rose from US$3.68 billion in 2010 to US$4.8 billion in 2016, notincluding December.
The high number of Dominicans who’veemigrated to the US and Spain makes those nations the largest sources of remittances.
The US accounts for 70.2% of remittances,Spain follows at 17.5%, while the other countries don’t reach 2% individually.
Meanwhile the amount of money sent to theDominican Republic from countries with economic problems, such as Italy, Haitiand Puerto Rico has fallen.
In Puerto Rico’s case the fall was 3.4% in2010 to just 1.09% in November 2016, resulting from the serious economic woesthat plague the island.
According to 2016 statistics the NationalDistrict, Santiago and Santo Domingo provinces account for the mostremittances, at 30.7%, 14.87% and 10.12%, respectively.