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Santo Domingo.- Remittances to the Dominican Republic reached $7.1 billion during the first eight months of 2024, representing an increase of 5.1% compared to the same period last year, according to the Central Bank. In August alone, $952.3 million were received, reflecting an increase of 10.7% compared to August 2023.
The Central Bank highlighted the important role of remittances, mainly from the United States, in boosting consumption, investment and supporting vulnerable sectors. Dominicans residing in the United States sent 713.5 million dollars, representing 82% of total remittances.
The bank also noted that favorable economic conditions in the United States, such as a slight decline in unemployment and an expanding services sector, contributed to the growth in remittances. The Dominican Republic expects to receive more than $10.5 billion in remittances by the end of 2024, and foreign exchange earnings are projected to exceed $42.6 billion in 2024.