The Central Bank of the Dominican Republic (BCRD) reported that in August 2021 remittances received reached US $ 872.0 million, Exceeding by $ 102.2 million those recorded in August 2020.
The institution points out that, in contrast to August 2019, the year before the pandemic, August 2021 remittances showed 38.8% growth, About $ 243,600,000 more.
The BCRD explains that the continuous improvement in the economic conditions of the United States (USA) is one of the main factors that continues to affect the behavior of remittances, since from this country came 84.5% of the flows of July, where more than 2 million people of Dominican descent reside, according to the U.S. Census Bureau.
Specifically, it is observed how employment has been recovering in this country, especially after the creation of 235,000 new jobs, which resulted in an unemployment rate of 5.2%, a decrease of 0.2% compared to 5.4% in July. particularly Hispanic unemployment in the United States rose to 6.4% in August from 6.6% last month, highlights a statement from the financial institution.
This greater flow of currency has allowed the accumulation of international reserves, exceeding US $ 13 billion at the end of August, 14.3% of GDP and equivalent to 7.5 months of imports.
These metrics exceed the levels recommended by the IMF, contributing to the Dominican Republic maintaining a favorable external position with prospects of achieving a smaller current account deficit in 2021, around 1.5% of GDP.