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.

Countries backtrack

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.

Remittances

According to 2016 statistics the NationalDistrict, Santiago and Santo Domingo provinces account for the mostremittances, at 30.7%, 14.87% and 10.12%, respectively.