The Central Bank of the Dominican Republic (BCRD) reported this Sunday that for the third consecutive month, remittances increased, reaching the sum of US $ 827.7 million as of July, 29.3% above the same month of 2019.
This value includes out-of-pocket remittances for US $ 47.4 million, which are the remittances that Dominican travelers bring with them from abroad, which had not been received since the formal closure of the airports in mid-March.
The BCRD explained in a press release that the increase in remittance income is mainly due to the improvement in US employment figures of July when 1.8 million jobs were created, pushing the unemployment rate down to a level of 10.2%, after having been at 11.1% in June.
In a particular way, Unemployment of Hispanics in the United States decreased from 14.5% in June to 12.9% in July 2020. On the other hand, the purchasing managers’ index (PMI), which reflects the behavior of manufacturing activity, increased 3.0% in July compared to the previous month , reaching its highest reading (54.2 points) in the last year.
It is worth noting that at the end of June more than 600 free zone companies were operatingAccording to the Dominican economy, around 86% of the total number of companies in the country is advancing in the de-escalation phases. Additionally, on July 1, the flow of tourists resumed after the reopening of airports and hotels, which creates the conditions for the beginning of improvement in this sector.
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