Dominican Republic remittances jump by US$1.1B in 6 years
Santo Domingo.- A buoyed international economy has been a boom for the Dominican Republic, as incoming remittances jumped by US$1.1 billion (RD$4.9 billion) in the last six years
Central Bank data show that cash transfers to the country increased from US$3.68 billion in 2010 to US$4.8 billion in 2016, not including December.
The high number of Dominicans who’ve emigrated to the US and Spain makes those nations the largest sources of remittances.
The US accounts for 70.2% of remittances, Spain follows at 17.5%, while the other countries don’t reach 2% individually.
Meanwhile the amount of money sent to the Dominican Republic from countries with economic problems, such as Italy, Haiti and Puerto Rico has fallen.
In Puerto Rico’s case the fall was 3.4% in 2010 to just 1.09% in November 2016, resulting from the serious economic woes that plague the island.
According to 2016 statistics the National District, Santiago and Santo Domingo provinces account for the most remittances, at 30.7%, 14.87% and 10.12%, respectively.
Jan 7, 2017
Category: DR News |