Above: Santo Domingo (CJ Photo)
By the Caribbean Journal staff
Remittances to Latin America and the Caribbean set a record last year, with the Caribbean led by the Dominican Republic, according to a new report from the Inter-American Development Bank.
Total remittances topped a previous high set in 2008.
The Dominican Republic led the way with a total of $4.5 billion in remittances, according to the data from the IDB’s Multilateral Investment Fund.
Haiti was second in the Caribbean region with 1.923 billion, followed by Jamaica at $2.16 billion.
“Remittances remain an important source of income for millions of families in Latin America and the Caribbean,” said Fernando Jimenez-Ontiveros, Acting General Manager of the MIF. “The remittance sector has evolved by adopting new technologies and options for sending and receiving, and has seen a decline in fees. However, it is essential to continue working so that those who receive them have opportunities for savings and investment.”
See the full table below.