NewsWhore
06-26-2009, 05:02 PM
Remittances declined by more than US$65 million in 2008 compared to the previous year. Central Bank statistics indicate that remittances in 2008 totaled US$3.045 billion compared to US$3.11 billion in 2007.
The drop in remittances is being felt even more this year. There has already been a decline of US$55.1 million for the first quarter, reports Diario Libre. From January to March, remittances totaled US$722.3 million, down from US$777.4 million for the same period last year.
Nevertheless, during a recent luncheon meeting with exporters, Central Bank Governor Hector Valdez Albizu said that remittances are still an important source of resources for the country. Peak months are December, July, April and May (in the run up to Mother's Day on the last Sunday in May).
Remittances for the peak months were: December 2008, US$298.6 million, July US$293.3 million, April US$255.9 million and in May US$255.5 million, according to the Central Bank.
Valdez pointed out that 2007 had been a very good year, with a record US$3.045 billion in remittances sent.
Remittance companies' spokesman, Freddy Ortiz predicts that this year the flow will decline by 10%, or US$273 million, due to the job losses in Europe and the US economic difficulties. Speaking for the Dominican Association of Remittance Companies (Aderedi), Ortiz said that 42% of Dominican households directly benefit from remittances.
More... (http://www.dr1.com/index.html#2)
The drop in remittances is being felt even more this year. There has already been a decline of US$55.1 million for the first quarter, reports Diario Libre. From January to March, remittances totaled US$722.3 million, down from US$777.4 million for the same period last year.
Nevertheless, during a recent luncheon meeting with exporters, Central Bank Governor Hector Valdez Albizu said that remittances are still an important source of resources for the country. Peak months are December, July, April and May (in the run up to Mother's Day on the last Sunday in May).
Remittances for the peak months were: December 2008, US$298.6 million, July US$293.3 million, April US$255.9 million and in May US$255.5 million, according to the Central Bank.
Valdez pointed out that 2007 had been a very good year, with a record US$3.045 billion in remittances sent.
Remittance companies' spokesman, Freddy Ortiz predicts that this year the flow will decline by 10%, or US$273 million, due to the job losses in Europe and the US economic difficulties. Speaking for the Dominican Association of Remittance Companies (Aderedi), Ortiz said that 42% of Dominican households directly benefit from remittances.
More... (http://www.dr1.com/index.html#2)