The Dominican Republic received 4,057 million dollars in remittances between January and May

The Dominican Republic received 4,057 million dollars in remittances between January and May

The Dominican Republic received 4,057 million dollars in remittances between January and May, 336 million less than in the same period last year, according to data released this Sunday by the Central Bank (BCRD). ).

Remittances in May totaled 851 million dollars, “figures that reaffirm the establishment of a new level of monthly remittance flows” of around 800 million dollars, the issuing bank said in a statement.

The conditions of the labor market in the United States, where more than 2 million people of Dominican origin reside, is one of the main factors that continues to affect the behavior of remittances, since 84.9% of remittances came from that country. May flows, added the information.

From Spain, the country that is home to most of the Dominicans in Europe, 6.4% of the remittances received in May came, followed by Haiti (1.2%) and Italy (0.8%).

The rest of the remittance reception is divided among countries such as Switzerland, Canada and Panama.

The Central Bank estimates that remittances will reach 10,000 million dollars this year.

Melissa Galbraith
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