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Fitch Ratings maintains BB- risk rating with positive outlook
DOMINICAN REPUBLIC · In Brief · 22 Nov 2024

Fitch Ratings has decided to maintain the Dominican Republic's risk rating at BB- with a positive outlook. This marks the same rating assigned in 2023, when the country first received a positive outlook, following a period at BB- with a stable outlook between 2020 and 2022. The rating reflects th...

Country in a wait-and-see stance, after withdrawal of fiscal reform bill
DOMINICAN REPUBLIC · Report · 15 Nov 2024

After the government unexpectedly decided to withdraw the tax reform bill from Congress due to public opposition, Dominican society remains in a holding pattern, awaiting the government’s next steps to ease constraints on public finances. At the time of the withdrawal, the government announced th...

The Central Bank lowers the monetary policy rate once again
DOMINICAN REPUBLIC · In Brief · 01 Nov 2024

For the third consecutive month, the Central Bank has decided to reduce the monetary policy rate by 25 basis points, bringing it down from 6.50% in October to 6.25% annually. Similarly, the rate for the permanent liquidity expansion facility (1-day Repos) has decreased from 7.00% to 6.75% per yea...

No new tax reform proposal will be forthcoming
DOMINICAN REPUBLIC · In Brief · 21 Oct 2024

This afternoon, President Abinader indicated that there is no new proposal for fiscal reform. The government will make all the necessary budget adjustments. He also assured that the government will continue with the implementation of the Fiscal Responsibility Law and the application of the fiscal...

President Abinader to withdraw the Fiscal Modernization Bill from the National Congress
DOMINICAN REPUBLIC · In Brief · 19 Oct 2024 · 3 responses

After facing strong criticism from various sectors of Dominican society, President Luis Abinader has announced that he will withdraw the Fiscal Modernization Bill from the National Congress. He stated that this decision was made because the legislative initiative lacked public support and did not...

Negotiating fiscal reform an uphill battle
DOMINICAN REPUBLIC · Forecast · 17 Oct 2024

The government presented its tax reform proposal, which seeks to increase tax revenues by $2 billion, equivalent to 1.5% of GDP. The tax reform burden will primarily fall on individuals, due to the increase in consumption, income and property taxes, which account for 82% of the additional revenue...

Finally, the Government presented its fiscal reform proposal.
DOMINICAN REPUBLIC · In Brief · 08 Oct 2024

Arguing that the Dominican Republic cannot depend indefinitely on debt to finance public services, and that there is a need for greater spending to fund the provision of public services, the Minister of Finance, Jochi Vicente, presented the fiscal reform proposal yesterday. According to the autho...

The Central Bank lowers the monetary policy rate again
DOMINICAN REPUBLIC · In Brief · 01 Oct 2024

The monetary policy rate in October 2024 will be 25 basis points lower than in the previous month. Yesterday, the Central Bank decided to set the monetary policy rate at 6.50% per year. Additionally, the liquidity expansion facility rate (1-day Repos) is being lowered from 7.25% to 7.00% per year...

Minister of Finance outlines scope of fiscal reform
DOMINICAN REPUBLIC · In Brief · 26 Sep 2024

Although the government has not yet presented the concrete content of its fiscal reform proposal, yesterday the Minister of Finance, Jochi Vicente, outlined the strategy to be followed for increasing fiscal revenues. The fiscal reform would be guided by four key principles: commitment of all sect...

Government announces Public Administration Reform
DOMINICAN REPUBLIC · In Brief · 17 Sep 2024

The government announced yesterday its proposal for restructuring, rationalization, and elimination of duplications in public institutions, a key element of the fiscal reform it has committed to implementing. The goal is to reduce spending and improve efficiency. According to the government, the ...

Government outlines reform proposals for taxes, labor and electricity
DOMINICAN REPUBLIC · Report · 12 Sep 2024

The key draft laws of President Luis Abinader’s economic reform program have been developed in recent weeks, with tax, labor and electrical sector reforms delineated. The proposed new laws are to be sent to Congress for consideration in coming weeks. The goal of the tax reform plan is to incr...

The DR Central Bank reduces its monetary policy rate by 25 basis points
DOMINICAN REPUBLIC · In Brief · 29 Aug 2024

Today, the Central Bank of the Dominican Republic (BCRD) decided to reduce its monetary policy interest rate (MPR) by 25 basis points, decreasing from 7.00% to 6.75% annually. Likewise, the rate of the permanent liquidity expansion facility (1-day Repos) goes from 7.50% to 7.25% annually, while t...

President Abinader announces a broad reform agenda, as he’s sworn in for his second term
DOMINICAN REPUBLIC · Report · 19 Aug 2024

During his August 16th swearing in ceremony for his second term, President Luis Abinader promised to implement a broad agenda of economic, social and political reforms that would make the Dominican Republic a developed country, with a strong democracy and a fair economy that would solve people's ...

Central Bank keeps monetary policy interest rate unchanged
DOMINICAN REPUBLIC · In Brief · 01 Aug 2024

The monetary policy interest rate will remain unchanged for the ninth consecutive month, according to the decision taken yesterday by the Central Bank. In August 2024, the monetary policy interest rate will be 7% per year, while the permanent liquidity expansion facility rate (1-day Repos) and th...

Congress approves the Fiscal Responsibility Law
DOMINICAN REPUBLIC · In Brief · 25 Jul 2024

Today, the National Congress approved the Fiscal Responsibility Law. The purpose of the law is to guarantee that by 2035 the general government debt ratio stands at 40% of GDP. To this end, a limit is established on the annual growth of primary spending so that it does not exceed the growth of an...

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