Dominican’s Central Bank Governor Assures Tourism Is The “Backbone” Of Recovery  

 

• The governor of the Central Bank (BCRD), Héctor Valdez Albizu, specified that foreign exchange earnings from tourism reached US$5,759.1Mn in January-August 2022.
• Together with the inflow of US$6,518.8Mn from remittances in the said period, these FX earnings contribute significantly to maintaining a sustainable balance in the current account of the balance of payments and to maintaining exchange rate stability, an essential element for generating certainty in economic agents.
• He added that 31% of foreign direct investment (FDI) in 2021, or some US$960 million, went mainly to the expansion and remodelling of tourism infrastructure. An expected investment value of close to US$1 billion for this concept is anticipated to be made within that sector by the end of 2022.
• Notably, the hotel and restaurant sector has made the most significant contribution to the growth of DR’s economy this year, thus becoming a backbone of the excellent recovery process that the country is experiencing after the pandemic and the effects of the current war in Ukraine.

(Source: Dominican Today)