The country receives US$802 million in remittances in January

The Central Bank reported that the remittance flows during the month of January they reached $802.0 millionexhibiting 5.6% year-over-year growthsome 42.7 million additional to those received in 2022 and 9.2 million more than in 2021.

“These remittance flows during the first month of the year continued the growth path observed since the beginning of the last quarter of 2022, in which the values ​​of October, November and December registered increases of 0.3%, 0.1% and 0.4%respectively, “explained the entity through a note.

He pointed out that the flow of January is over US$800.0 million, the new monthly level observed in remittances and that this amount for January 2023 is close to double the value averaged in the same month for the pre-pandemic period of 2015-2019which was US$439.1 million.

He explained that 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.

The institution explained that the economic performance of the United States It was one of the main factors that influenced the behavior of remittances, since 83.3% of the formal flows in January came from that country, some US$544.9 million.

He highlighted that during 2022, that economy grew 2.1%, according to its Office of Economic Analysis, and unemployment in January 2023 stood at 3.4%, the lowest level in more than 50 years.

Additionally, the non-manufacturing Purchasing Managers’ Index (PMI) of the Institute for Supply Management (ISM) registered a value of 55.2 in January, indicating the expansion of the service sector, where most of the workforce is employed. Dominican diaspora.

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Provinces.
The distribution of remittances received by provinces in January, the Central Bank pointed out that the National District obtained the highest proportion, 35.4%followed by the provinces of Santiago and Santo Domingo, with 14.0% and 8.0%, respectively.

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