Dominican Republic received a whopping US$ 2.980 million in 2007 as remittances which has broken all records and has again indicated at the dependence of the country on the foreign remittances. According to an Immigration Department estimate nearly 14 percent of the population is living abroad and the numbers are expected to swell in the coming years. But it is also true that the remittances have been a little low in the recent past which is a worrisome trait in some way. The country has been benefited to a great extent by the remittances over the years as the remittance business has helped in reducing poverty in the country. The rural areas have received around 40 per cent of the remittances while the urban regions have also received nearly the same amount. The low income groups in particular have benefited the most because the remittances have helped them to raise the bar of their lifestyle to a great extent. In the Latin America and the Caribbean, Dominican Republic is the fourth country to receive most remittances in the past few years, lagging behind Mexico, Brazil and Colombia, according to the Inter-American Development Bank (I.D.B.).
Tags: Dominican Republic, Remit2Home, Remittance
May 28, 2008 at 5:17 am
[...] Dominican Republic Remittances: A case in pointDominican Republic received a whopping US$ 2.980 million in 2007 as remittances which has broken all records and has again indicated at the dependence of the country on the foreign remittances. According to an Immigration Department … [...]