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From January to November 2024, remittances amounted to US$9.7525 billion, an increase of US$540.3 million (5.9%) compared to the same period last year. Additionally, tourism revenues are projected to exceed US$10 billion this year, according to the Central Bank of the Dominican Republic (BCRD).
The institution reported that in November alone, US$840.8 million in remittances were received, marking a year-over-year increase of 6.7%.
The BCRD explained that the economic performance of the United States was a key factor influencing remittance flows. In November, 81.3% of formal remittance flows—equivalent to US$652.1 million—originated from the United States.
Analyzing recent developments in the external sector, the BCRD projects a significant inflow of foreign currency by the end of 2024, amounting to over US$34 billion. This figure includes tourism revenues of approximately US$10.7 billion and a similar amount from remittances.
Furthermore, estimates for year-end point to foreign direct investment (FDI) flows exceeding US$4.5 billion. These foreign currency inflows contribute to maintaining the relative exchange rate stability currently observed.
The institution emphasized that higher external revenues have also allowed for an adequate level of international reserves, which, as of November 2024, reached US$13.0904 billion. These reserves cover approximately five months of imports and represent 10.5% of GDP, surpassing the thresholds recommended by the IMF.
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