Remittance values decline

[NewsWhore]

While the frequency of remittances is stable, the amounts being sent back home by Dominicans living abroad is declining, says Freddy Ortiz, president of the Dominican Association of Remittance Companies. He said that unemployment is up 7% in the US and this is having an impact on Dominicans. He estimated that about 1,050,000 Dominicans live in the US, and of these 50,000 have lost their jobs in the past month. He said that many Dominicans in Spain have also lost their jobs. Ortiz explained that 82% of the remittances that enter the DR come from the US and the rest mostly comes from Europe. He said that remittances traditionally increase by 8-10% every year, but he expects that there will be no growth this year, and that a decline in remittance totals was possible. He said that last year, Central Bank statistics indicated that Dominicans sent back home US$3.03 billion. In the first half of the year, remittances were up 6.6%, but that if US$3 billion in remittances are sent back, it would be "an achievement," as reported in Listin Diario.

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