NewsWhore
01-30-2009, 06:40 PM
Freddy Ortiz, president of the Dominican Association of Remittances Companies (ADEREDI) said yesterday that 2009 could see a steep decline in remittance levels as a result of the recession that hit the US in late 2008, as reported in El Caribe. It has been expected that the DR would follow the present regional trend of reduced remittances. Recent reports indicate that Mexico is showing a decline in remittances for the first time ever. Ortiz added that since August 2008 there has been a downward trend in remittances to the Dominican Republic compared to previous years. He explains that from January to September 2008, remittances were RD$2.33 billion, which was US$109.9 million more than last year, for a low 5% increase so far. He says there has been a significant decline in remittances as of August, reflecting the number of Dominicans losing their jobs in the US and Europe. Ortiz says the outlook for 2009 is bleak and that recent news reports coming in from the US and Europe focus on the downturn.
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More... (http://www.dr1.com/index.html#13)