US$3.3B in remittances makes Dominican Republic Lat-Am’s 4th highest
Washington.- Immigrants remitted US$61.25 billion to Latin America and theCaribbean in 2013, nearly the same as the previous year, but still below the amount reached before the financial crisis, according to a report released today.
The Multilateral Investment Fund (MIF), a member Inter-American Development Bank Group, noted that after the fall of the flows in 2009 caused by the international financial crisis, remittances ”showed a slight recovery in 2010 to then stabilize starting in 2011.?
Last year’s total, imilar to 2012, ”reflects positive variations in growth rates of remittances to Central America and the Caribbean, offset by negative rates for Mexico and the countries of South America.”
Remittances to the countries of the region in 2008, which had grown for almost a decade, reached an unprecedented 64.9 billion dollars. The United States is thesource of around three-quarters of the income from remittance received by Latin America and Caribbean countries.
In the years prior to the financial crisis that erupted in mid-2008 the flow of shipments to all Latin America and the Caribbean countries reached an average annual growth rates of 17%, according to the MIF.
There was a sharp decline in remittances of more than 10% in 2009, followed by the modest increase of 6% in 2011.
With US$21.6 billion, Mexico is the country that receives the most remittances from abroad, followed by Guatemala (US$5.1 billion), El Salvador (US$3.97 billion), Dominican Republic (US$3.3 billion) and Ecuador (US$2.50 billion).
Category: DR News |