US$3.1 billion in remittances were sent to Dominican Republic in 2011, 7.7 percent more than in 2010, says a Inter-American Development Bank (IDB) study cited by EFE.
The report by the IDB’s Multilateral Investments Fund (Fomin) said the figure takes the Caribbean country to fifth place in the most remittances received during that period, a list headed by Mexico, US$22.7 billion; Guatemala, 4.3B; Colombia, 4.2 and El Salvador, 3.7B.
“In countries such as Dominican Republic, the study says, remittances can reach 5 percent of the Gross Domestic Product," adding, "without this regular flow of resources the immigrants send to their relatives, many receiving families would fall below the line of poverty."
The statistics note that the immigrants from Latin America and the Caribbean live mostly in the United States, from where they sent around US$61.0 billion to their countries last year, or 6 percent more than the 57.6 billion in 2010.
The IDB said the reception of remittances form one of the Dominican economy’s "three legs," with tourism and free zone exports the two others.
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Source: Dominican Today