Remittances through banks jump 42% to US$130M in 2018

Santo Domingo.- Family remittances, a key income source for Dominican households, have posted constant growth in the last five years, according to the Dominican Republic Commercial Banks Association (ABA).

Through its most recent Educational Chart, the ABA indicates that remittances sent through local banks jumped from RD$4.6 billion in 2014, to RD$6.5 billion (US$130 million) in 2018, a 42% increase.

It notes that the number of transactions also jumped, from 17.4 million in 2014, to 25.4 million last year, or 8 million more.

“Family remittances, which are an important driver for the economy of the Dominican Republic, represent an average of 21.5% of the country’s total foreign exchange earnings in the last five years,” the ABA said.

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