The Central Bank of the Dominican Republic (BCRD) reported this in March 2021 Remittances registered US $ 994.9 million, an amount that is US $ 474.8 million higher than that received in March 2020
This means that for the first quarter, remittances were received for US $ 2,548.7 million, one 49.6% growth compared to the same period of 2020, and 46.2% compared to the first quarter of 2019.
Benefits of the US Economy
The BCRD explains that the increasingly favorable economic conditions in the United States, country where 87.0% of the March flows came fromremains the main factor influencing the behavior of remittances.
The institution emphasizes that one of the most relevant aspects of the North American economy relates to employment, the figures of which indicate that 916,000 new jobs were created in March, representing an unemployment rate of 6.0%, after February 6. , To have been 2%. In a certain way Spanish unemployment in the United States fell from 8.5% in February to 7.9% in March 2021
Likewise, it points to the impact of the financial assistance the US government provides to its people for the benefit of the Dominican diaspora. In this sense, it is emphasized that with the adoption in the United States of the “American Rescue Plan” introduced by President Joe Biden, the Dominicans living in the United States, were further benefited.
Launched last March, this rescue plan consists of a stimulus package worth $ 1.9 trillion in additional aid to individuals, small businesses and local and national governments, implemented with the goal of increasing direct transfers.
Another important factor in understanding the behavior of remittances is that between the months of March and April 2021 in the United States, government tax refunds also take place, which also affects the disposable income of Dominicans in that country.