Remittances increase by 5% in first quarter
SANTO DOMINGO. In spite of the economic crisis that affects the United States and Spain, where most Dominicans work, the sending of remittances grew by 5%, or US$36.8 million in the first quarter of the year.
According to the report of the Central Bank during the first quarter of this year the overseas Dominicans sent US$763.9 million, while in the same period of 2010 they sent US$727.1 million.
In this country, 40% of the Dominican families live on remittances that their overseas relatives are sending them, mostly those communities in the South, like Vicente Noble and Tamayo and Sabana Iglesias in the Cibao.
In the Dominican Republic, the business of handling 85% of the remittances is done by Remesas Vimenca, Caribe Express, Remesas Dominicanas, Banco Union, and Agente de Remesas y Cambio Cibao Express. (Vimenca Remittances, Dominican Remittances and Cibao Express Remittance and Exchange Agency) These businesses with draw an average of RD$300 million every day, to be distributed to the persons who receive remittances.
The Dominican Republic received an average of US$3.0 billion a year in remittances from 2007 until 2009, and this amount went down to US$2.998 in 2010, but an increase is projected for this year.
According to the report of the Central Bank during the first quarter of this year the overseas Dominicans sent US$763.9 million, while in the same period of 2010 they sent US$727.1 million.
In this country, 40% of the Dominican families live on remittances that their overseas relatives are sending them, mostly those communities in the South, like Vicente Noble and Tamayo and Sabana Iglesias in the Cibao.
In the Dominican Republic, the business of handling 85% of the remittances is done by Remesas Vimenca, Caribe Express, Remesas Dominicanas, Banco Union, and Agente de Remesas y Cambio Cibao Express. (Vimenca Remittances, Dominican Remittances and Cibao Express Remittance and Exchange Agency) These businesses with draw an average of RD$300 million every day, to be distributed to the persons who receive remittances.
The Dominican Republic received an average of US$3.0 billion a year in remittances from 2007 until 2009, and this amount went down to US$2.998 in 2010, but an increase is projected for this year.
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