Remittances from the country increased 3.9% compared to 2022

The Central Bank of the Dominican Republic (BCRD) reported that between the first two months of 2023 the remittances received reached a figure of US$1,566.3 million, exhibiting a 3.9% growth compared to the same period in 2022.

The month of February registered a value of remittances of about $764.3 millionwith an increase of 2.1%, compared to February 2022.

The Central Bank explained that the economic performance of the United States was one of the main factors that influenced the behavior of remittances, since the 84.9% of the formal flows of February, which translates into $558.5 million.

It should be noted that, during 2022, that economy grew by 2.1% according to its Office of Economic Analysis and unemployment in February 2023 stood at 3.6%, the lowest level in more than 50 years. Additionally, the non-manufacturing Purchasing Managers’ Index (PMI) of the Institute for Supply and Management (ISM) registered a value of 55.1 in February, indicating the expansion of the services sector, where employees are employed. most of the Dominican diaspora.

The financial entity highlighted the receipt of remittances through formal channels from other countries in the month of February, as Spain, for a value of US$37.4 million, 5.7% of the total, this being the second country in terms of total residents of the Dominican diaspora abroad, as well as Haiti and Italy, with 1.1% and 0.8% of the flows received, respectively. The rest of the receipt of remittances is divided between countries such as Switzerland, Canada and Panama, among others.

Regarding the distribution of remittances received by provinces during February, the BCRD indicates that the National District obtained the highest proportion, 35.2%, followed by the provinces of Santiago and Santo Domingo, with 14.3% and 8.6%, respectively. This indicates that more than half (58.1%) of the remittances are received in the metropolitan areas of the country.

The institution highlights that the greater flows of external income also allowed the accumulation of international reserves at the end of February of around US$15.6 billion, representing 12.9% of GDP and some 5.9 months of imports, metrics that exceed the levels recommended by the IMF.

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