Remittances grow 46.2 percent in May
The Dominican Central Bank reported that last May the remittances received reached 933.8 million dollars, an amount that exceeds 295 million to those registered in the same month of 2020, equivalent to a growth of 46.2%.
Cumulatively, between January and May 2021, remittances totaled 4,39 billion, which is 1,65 billion above the same period in 2020, representing year-on-year growth of 60.5%.
The entity explained that the improvement in economic conditions in the United States is one of the main factors that has had an impact on the behavior of remittances since 85.4% of the flows in May came from that country, where more than two million people of Dominican origin live, according to the Census Bureau of the North American nation.
The bank indicated that the dynamism of remittances, the growth of exports, plus the process of recovery in tourism and new foreign direct investment projects, initiated by companies in different sectors of the economy, have contributed to a greater flow of foreign currency to the country.
In addition, it has allowed the relative stability of the exchange rate to be maintained, in such a way that in May the exchange rate appreciated by 2.2% compared to December 2020.
The monetary and financial institution, through a statement, highlighted that this greater flow of foreign currency has allowed the accumulation of international reserves that exceed 12 billion dollars, approximately 14.7% of the Gross Domestic Product (GDP) and equivalent to 7.4 months of imports.