SANTO DOMINGO.- In 2007 money remittances to the Domincan Republic reached US$2.980 million, a record in the 10 years since the figures have been registered.
With a population of some 9 million and with 14 percent living abroad- around 1.5 million according to an Immigration Department estimate- to establish a remittances business in Dominican Republic should be a true "hit," though in the last few years "this work is in frank decay," said Dominican Currency Remittance Companies Association (Aderedi) president Freddy Ortiz.
However, this type of business has contributed to reduce poverty in the country, since rural areas receive nearly 40 percent, another 40 percent in the cities, while of the total, 60 percent go to lower class families.
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