Remittances reach US$8.125 million in 10 months of 2022

The Central Bank of the Dominican Republic (BCRD) reported that remittances received by the country in the first ten months of the year totaled US$8,125.3 million, exceeding the income of more than US$800 million in October. Similarly, he highlighted that the accumulated amount exceeds the remittances received in the first ten months of 2019 by US$2,252.1 million, a period before the start of the covid-19 pandemic, and in which the United States of America did not yet have the aid schemes that were implemented after March 2020 and ended in September 2021, resulting in a reduction of around US$549.8 million when comparing the flows received as of September 2022 with those of the same period of 20

He stated that remittances totaled US$815.9 million in October 2022, representing a 0.3% year-on-year increase. The first observed increase in 2022 results from a comparison with October 2021, the first month after the US government ceases economic aid. This result confirms the establishment of a new monthly remittance flow level of approximately US$800.0 million. He stated that a significant increase is seen when comparing the amount of October 2022 to the average value in the same month before the pandemic (from 2015 to 2019), which was US$481.9 million. According to the BCRD, the United States’ economic performance is one of the main factors that continue to influence remittance behavior, as US$614.4 million came from that country in October, accounting for 84.8% of the flows through formal channels.

The non-manufacturing Purchasing Managers’ Index (PMI) of the Supply Management Institute registered a value of 54.4 in October, indicating the continued expansion of the North American economy’s services sector, which is primarily used by the Dominican diaspora in the US.