Remittances reached US$2,500.0 million in the first quarter

The Central Bank (BCRD) reported that in the first quarter of this year 2023 the remittances received were around US$2,500.0 million, exhibiting a 3.6% growth compared to the same period of the previous year.

March registered a remittance value of some US$915.1 million, with an increase of 3.0%, compared to March 2022, he says. These flows mark the third month with a consecutive increase so far this year, extending the increase since the beginning of the last quarter of 2022.

“It is important to highlight the multiplier effect on consumption, investment and financing of the most vulnerable sectors that have these resources provided by the diaspora,” says the BCRD. He explains that the economic performance of the United States was one of the main factors that influenced the behavior of remittances, since 85.4% of the formal flows in March came from that country, some US$668.2 million.

The BCRD also highlights other countries, such as Spain, for US$44.6 million, 5.5% of the total, this being the second country in terms of total number of residents of the Dominican diaspora abroad. Haiti and Italy, with 1.0% and 0.7% of the flows received, and the rest from Switzerland, Canada and Panama, among others.

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