NewsWhore
05-17-2006, 03:10 PM
A report titled "The international flow of remittances: cost, competition and financial access in Latin America and the Caribbean", produced for the Multilateral Investors Fund of the Inter-American Development Bank (FOMIN-IADB) shows that the Dominican Republic is among the countries with the lowest percentage of remittances being channeled through commercial banks. The DR is also shown to be the nation that has most successfully lowered the cost of sending a remittance, starting from 2001, but the costs are still among the highest in the region. In the Dominican Republic, only 39.1% of remittances go through commercial banks. The study shows that only Jamaica, Guatemala, Nicaragua and Guyana have lower percentages going to the banks. According to the report that appears in Hoy, the DR is among the five nations with the highest percentages going through remittance companies, at 48.2%. According to the latest figures, from 2005, the cost of sending US$200 to the DR was US$6.40, and this is higher than ten of the other thirteen countries studied. Cuba had the highest cost at US$12.00, followed by Jamaica and Haiti. The study also revealed that the cost has fallen by nearly two-thirds over the last six years.
Link To Original Article (http://www.dr1.com/index.html#8)
Link To Original Article (http://www.dr1.com/index.html#8)