The Central Bank of the Dominican Republic (BCRD) reported that, between January and July 2024, remittances received reached US$6,160.2 million, increasing US$250.9 million (4.2%) compared to the same period of the previous year.
Specifically, in July, US$921.9 million were received for this purpose, an increase of 3.7% compared to July 2023, according to the entity, which highlighted that these resources provided by the Dominican diaspora abroad have a multiplying effect on consumption, investment and financing of the most vulnerable sectors of the country.
The BCRD explains that the economic performance of the United States was one of the main factors that influenced the behavior of remittances, since 83.0% of the formal flows in July originated from that country, some US$702.8 million.
On the one hand, the general unemployment rate in the North American country stood at 4.3% in July, around the full employment level of that economy, despite reflecting a slight increase compared to the level of 4.1% in June 2024, with the creation of 114,000 new jobs. In contrast, the index of non-manufacturing purchasing managers of the Institute of Management and Supply registered a value of 51.4 in the month of July, higher than the 48.8 observed in June, indicating the expansion of the services sector, where a large part of the Dominican diaspora is employed.
The BCRD reported that the receipt of remittances through formal channels from other countries in July, such as Spain, amounted to US$51.9 million, 6.1% of the total, making this the second country in terms of the total number of Dominican diaspora residents abroad, as well as Haiti and Italy, with 1.4% and 1.1% of the flows received, respectively. In the rest of the remittance reception, countries such as Switzerland, Canada and Panama stand out, among others.
