During 2024, remittances received in the country reached US$10,756.0 million, with an increase of 5.9%, about US$598.8 million, compared to the previous year.
The Central Bank (BCRD) reported that in December US$1,003.5 million were received for this concept, which means a year-on-year increase of 6.2%.
The economic performance of the United States was a determining factor in the behavior of remittances, since 80.3% of formal flows in December, equivalent to US$710.5 million, came from that country.
Meanwhile, Spain contributed US$55.9 million, which represents 6.3% of the total, making that country the second largest number of Dominican diaspora residents abroad. For their part, Italy and Haiti contributed 1.7% and 1.0% of the flows received, respectively. In addition, other senders are identified such as Switzerland, Canada and Panama.
“It is essential to highlight the importance of these resources sent by the Dominican diaspora abroad, since they generate a multiplier effect on consumption, investment and financing of the most vulnerable sectors of the country,” he highlights.
In a statement, the BCRD estimates that, in addition to the value achieved by remittances by the end of 2024, it is expected that income from the tourism sector would exceed US$10.6 billion and FDI flows would exceed US$4.5 billion, covering the deficit of the current account, exports from free zones would be around US$8.5 billion and national exports would exceed US$5.4 billion.
These foreign exchange earnings would reach some US$43.6 billion, which would contribute to maintaining the relative stability of the exchange rate that is currently observed, such that, at the end of 2024, the national currency depreciated by just 5.0% with respect to at the end of 2023. He explained that international reserves at the end of December 2024 reached US$13,387.6 million, covering about 5.1 months of imports, equivalent to 10.8% of the gross domestic product (GDP).
