Dominican Republic sees 5.1% growth in remittances

Santo Domingo.- Remittances to the Dominican Republic reached $7,100 million during the first eight months of 2024, marking a 5.1% increase compared to the same period last year, according to the Central Bank. In August alone, $952.3 million was received, reflecting a 10.7% rise from August 2023.

The Central Bank highlighted the significant role of remittances, primarily from the U.S., in boosting consumption, investment, and support for vulnerable sectors. U.S.-based Dominicans sent $713.5 million, representing 82% of total remittances.

The bank also noted that favorable U.S. economic conditions, such as a slight decrease in unemployment and an expanding services sector, contributed to the remittance growth. The Dominican Republic expects to receive over $10,500 million in remittances by the end of 2024, with foreign exchange earnings projected to surpass $42,600 million in 2024.