The Central Bank reports that remittances from abroad for January to March 2024 reached RD$2.6 billion, more than in 2023 and 2022. Remittances were up 6.2% compared to the first quarter in 2023. Month per month, the remittances were higher than in the previous years.
The Central Bank attributes the increase to the good performance of the US economy. 86% of remittances is sent back by expatriates who live in the United States.
The relatively high level of remittances is one of the leading foreign sectors boosting the rising growth and development in the Dominican Republic. Others are rising tourism receipts, free zone manufacturing, and foreign investment. Together, they have maintained the stability of the Dominican peso.
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