Remittances dip but reach US$759.3M

Santo Domingo.- The Central Bank of the Dominican Republic (BCRD) reported that in January 2022 the remittances received reached US$759.3 million, which compared to 2021 represents a slight year-on-year decrease of 4.2%.

However, the entity highlights that this amount exceeds by US$172.4 million and US$222.2 million the remittances received in January 2020 and 2019, periods in which the aid schemes that were implemented after March 2020 were not yet available due to the entry of the COVID-19 pandemic, and which ended last September.

“This result indicates that remittance flows are adjusting to a new level, higher than the average prior to the pandemic, although somewhat lower than the one observed between March and September 2021, a period that was characterized by significant specific fiscal stimuli that they sought to combat the economic effects of COVID-19,” the BCRD said in a statement.