[DR1] Remittances statistics

[NewsWhore]

The president of the Dominican Association of Remittance Enterprises, Freddy Ortiz has said that 1.9 million adults in the DR receive an estimated US$2.7 billion in remittances last year, as reported in Hoy newspaper. Of this amount, US$1.6 billion came from US sources, US$1.1 from Europe, Puerto Rico and other parts of the world. Ortiz said that the average monthly remittance is US$141. Sourcing his information from a recent Inter-American Development Bank study on remittances, Ortiz said that 20% of people who receive remittances in the DR receive less than US$100 a month. Another 28% receives between US$100-US$200 a month, making up approximately 50% of all remittances. Ortiz says that the average breakdown for the use of the money is: 60% to buy food, 17% for education needs, 5% for business, 5% towards savings, 4% on property, and 6% on luxury items.

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