Santo Domingo, December 14 (EFE). – The Dominican Republic reported receipt of $10,780.8 million in remittances between January and November of this year, an increase of $1,028.3 million (10.5%) compared to the same period in 2024.
The Dominican Central Bank (Issuer) highlighted in a statement this Sunday that 889.5 million dollars were received last November, an increase of 48.7 million compared to November last year.
It should be noted that these resources provided by the Dominican diaspora abroad have a multiplier effect on consumption, investment and financing of the most vulnerable sectors of the country, the agency explained.
The central bank stated that the economic performance of the United States was one of the main factors influencing the behavior of remittances, as 80.7% of formal flows in the month of November, about $669.8 million, came from this country.
The institution assumed that this increase was due to the dynamics observed in the service sector in the United States, where “a large proportion” of Dominicans living in that country are employed.
Also highlighted was the arrival in November of remittances through formal channels from other countries, such as Spain, worth $56.9 million, 6.9% of the total, being the second largest country in terms of the total population of the Dominican diaspora.
For its part, Haiti contributed 1.5% of the total funds received, while Italy and Switzerland each contributed 1.3%. When it comes to receiving remittances, countries like Canada and France stand out.
Remittances, along with tourism and free zones, represent the Dominican Republic’s main sources of foreign exchange earnings. EFE
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