- December 13, 2017
- Posted by: Dominican Parade
- Category: News
The Dominican community, increasingly, shows that their family bond, as well as affective, is monetary. Its influence on the Dominican economy is as strong as tourism, exports or foreign investment.
This is demonstrated by the statistics of the Central Bank (BC). In 2016, US $ 5,261.5 million had been received through family remittances, while in September 2017, US $ 4,485.3 million were registered. Which means that between January and September of this year the money sent by Dominicans abroad is only US $ 776.2 million less than what was received during 2016.
In the first nine months of 2017, remittances exceeded the accumulated amount in the same period of 2016. In the ninth month of last year they totaled US $ 3,908.5 million, while in the same period of 2017 they were US $ 4,485.3 million, an absolute difference of US $ 576.8 million, for a growth of 14.75%.
Only in February of this year the amount of remittances fell by US $ 11.6 million, to -2.5%, from US $ 466.0 million in 2016 to US $ 454.3 million this year.
The data of the Central Bank establishes that in the last three years the residents of the National District, Santiago and Santo Domingo are the largest recipients of remittances. Between 2015 and September of this year, the amount received via family remittances amounts to US $ 14,707.6 million.
The 79.8% of the received remittances remain in ten provinces, according to the data to September of this year.
In 2015, the National District, which dominates the ranking, appears with US $ 1,477.8 million, equivalent to 29.79% of total remittances. Between 2016 and September of this year, this demarcation did not present a noticeable variation in the classification, going from 30.65% (US $ 1,612.6) to 31.65% (US $ 1,419.5) as of September 2017.
The statistics indicate that the inhabitants of Santiago received US $ 763.9 million at the end of 2015, equivalent to 15.4% of the US $ 4,960.8 million received that year. If compared to 2016, it presented an increase of US $ 19.5 million, when it was set at US $ 783.4 million, a variation of 2.5%. As of September of this year, this province captured 14.75% (US $ 661.5 million).
The third place is occupied by Santo Domingo, since in 2015 it received US $ 481.6 million, 9.7% of the total, while in 2016 the figure had an absolute increase of US $ 54 million, an increase of 11.2%. In the first nine months of this year, this province captured US $ 455.7 million, a 10.16%.
Duarte, with US $ 231.8 million (5.17%) received as of September 2017, ranks fourth by provinces receiving remittances. When buying with previous years, this province of Cibao continues to dominate this position. In 2015, it captured US $ 254.9 million (5.14%), an absolute variation of US $ 9.7 million compared to 2016.
In its report, the BC records that La Vega is in fifth position. Last year the inhabitants of this city received US $ 223.1 million (4.24%), an amount that is only higher in US $ 37 million compared to the US $ 186.1 million (4.15%) received as of September 2017.
The following positions are led by provinces of the South region. In 2015, Peravia captured US $ 177.5 million, US $ 9.2 million more than in 2016 (US $ 186.7 million), for a 5.1% growth. As of September 2017, Peravia, with US $ 149.36 million, a 3.33%, is in sixth position, and Puerto Plata, with 3.19% of the total received, appears in the seventh place of the ‘top ten’.
In the last steps are San Cristóbal, with US $ 136.8 million (3.05%), followed by San Pedro de Macorís, 2.19%, equivalent to US $ 98.2 million, and Espaillat, with US $ 97.7 million received (2.18%). The other 22 provinces, as of September 2017, received US $ 904.6 million, 20.17% of remittances.
Of the amount of remittances received as of September 2017, according to the CB data, 64.57%, equivalent to US $ 2,896.1 million, were in US dollars and the remaining 35.45% (US $ 1,589.1 million) in local currency.
In the period analyzed, in terms of gender distribution, the female predominates with 55.7%, followed by the male with 44.3%.
Dominicans can obtain their remittance via remittance companies or financial intermediation entities. At present, the Superintendency of Banks (SIB) has five exchange agents and remittance agents registered: Vimenca, Caribe Express, Cibao Express, Italcambio Internacional and Girosol Corporation.
For its part, the Central Bank records that according to the participation in the payment, in 2016 remittance companies paid 74.21% of the money sent by Dominicans living abroad, while financial institutions paid 25.69%. To September of this year, the statistics establish that 75.03% was paid by the remittance companies and 24.97% by the financial entities.
According to the report of the Central Bank, the transactions received increased by 5.2%, going from 19,501,716 in 2015 to 20,532,975 in 2016. In the ninth month of this year, the total number of transactions is 3,138,201 less than in the previous year. stand at 17,394,774.
In January-September, the largest number of formal transactions came from the United States, from which 13,316,674 remittances were received, 73.28% (US $ 3,286.89 million).
Dominicans living in Spain sent 1,770,537 remittances, which totaled US $ 628.1 million, 14% of the total received this year. The third largest country was Italy, with US $ 64.28 million (1.43%), for 212,118 remittances.
In the analyzed period, the transactions received from Haiti were 251,039, a 1.35%, that is, US $ 60.69 million. Although 239,364 remittances were received from Puerto Rico that reached US $ 42.33 million (0.94%), the fourth place is held by Switzerland with US $ 56.84 million, the 1.27% (136,575 remittances) of the total received this year.
Panama received 158,040 remittances, US $ 31.28 million (0.70%), followed by Germany with 0.67%, US $ 30.08 million (88,212 remittances). The last places are occupied by France, from which 71,658 remittances were received, followed by Germany with 88,212, Canada with 122,308 transactions and the other provinces received 1,028,249 remittances.
Remitters in the Dominican Republic
The remittance companies that hold a license from the Superintendency of Banks have around 600 branches throughout the country. The Vimenca Group, through the Wester Union remittance company, has 220 offices. This is followed by Caribe Express, which according to its website has 143 branches; 43 in Santo Domingo, 47 in the North region, 18 in the South, 25 in the East and 10 in the West part of the country.
The agency Cibao Express has only one branch in Santiago. However, those who wish to receive their remittances can do so through Banco Unión. In the same situation is Girosol Corporation, which has a single branch, located in Santo Domingo.
For its part, Italcambio although it appears in the SIB with status ‘operand’, there is no information about its branches.