Monday, January 30, 2023

Remittances totaled US$9,856.5 million last year, 5.2% less than in 2021

The Dominican Republic received remittances worth 9,856.5 million dollars during 2022, 84.4% of which were sent from the United States, the Central Bank reported this Wednesday in a statement.

In December, the arrival of money from abroad totaled 944.2 million dollars, a figure that represents an increase of 0.4% compared to the same month of 2021 and 43.8% compared to 2019, in addition to representing an increase compared to the average value in the same month for the 2015-2019 pre-pandemic period, which was 563.1 million.

This result is the third year-on-year increase registered since last October and reaffirms the establishment of the new level of monthly remittance flows above 800 million dollars, resources that have a multiplier effect on consumption, investment and financing of the most vulnerable sectors.

As during the rest of the months, the United States led the sending of remittances, which totaled 671.2 million dollars, while 53.1 million were received from Spain, 6.6% of the total, this being the second country in in terms of the total number of residents of the Dominican diaspora abroad.

They are followed by Haiti and Italy, with 1.3% and 0.9% of the flows received, respectively, and the rest of the remittances came from Switzerland, Canada and Panama, among others.

Regarding the distribution of money received from abroad, the Central Bank indicated that the National District obtained the highest proportion, with 34.7%, followed by the provinces of Santiago and Santo Domingo, with 14% and 9.2%, respectively.

The institution highlighted in its note other foreign exchange earnings in addition to remittances, such as exports, with which record figures of some 14,000 million dollars were reached, as well as those related to tourism, which exceeded 8,600 million, and foreign investment directly, close to 4,000 million dollars.

These segments, together with other income from services of around 3,000 million, add up to more than 39,300 million dollars, affecting the relative stability of the exchange rate that led to the appreciation of the Dominican peso by 2.0% during the year.

The entity highlighted that this greater flow of foreign currency also allowed the accumulation of international reserves of some 14.4 billion at the end of 2022, which is 12.8% of the gross domestic product (GDP), data that exceeds the levels recommended by the International Monetary Fund. (IMF).

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