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COUNTRY INSIGHTS

Dominican Rep: Backtracking in Monetary Policy after DOP Depreciation Accelerated
DOMINICAN REPUBLIC · In Brief · 04 Sep 2013

Last week, the Central Bank announced several measures aimed at containing the depreciation of the DOP. In August DOP depreciated 1.8% against the USD, the highest monthly rate registered so far in 2013.The measures included:1. The increase of the monetary policy rate in 200 bp (from 4.25% to 6.2...

Timidly Recovering
DOMINICAN REPUBLIC · Report · 14 Aug 2013

Executive SummaryWe forecast a gradual recovery of domestic demand for H2, and a gradual rebound of GDP growth. Though 2013 growth is likely to come in at less 3%, Q3 and Q4 growth could climb to nearly 4%. Higher public spending, supported by greater public revenues from mining, and improved eco...

Spending Struggles
DOMINICAN REPUBLIC · Report · 17 Jul 2013

Executive Summary Inflation is still under control, despite expansionary monetary policies that have lowered interest rates. Inflation was 4.8% y/y in June, still within the 4%-6% target range, and down from May 2012-May 2013. But the DOP abruptly and mysteriously devalued, to 42 to the dollar on...

Dominican Rep: in spite of announcements, public spending remains sluggish
DOMINICAN REPUBLIC · In Brief · 13 Jun 2013

New figures on public spending for April show that in spite of the announcements made by the government that it will accelerate spending in public infrastructure, during that month, total spending remained as sluggish as during the first quarter.  Most likely, that meant a month of slow growth, a...

Tackling the Collapse of Growth
DOMINICAN REPUBLIC · Report · 07 Jun 2013

Executive SummaryOne of the lowest rates in 10 years, Q1 growth came in far below expectations at just 0.3% y/y. Nearly every field shrank: local manufacturing, construction, commerce, hotels, bars and restaurants, and energy and water. The collapse was the result of falling domestic demand, both...

Dominican Rep: Growth significantly lower than expected in 1Q-2013
DOMINICAN REPUBLIC · In Brief · 24 May 2013

Yesterday, the Central Bank released its first quarterly report for 2013. The figures are staggering. Compared to the 1Q-2012, GDP growth was 0.3%, the lowest in almost 10 years (we forecasted 1%). Local manufacturing activity dropped by 3.7%, construction by 2.9%, and commerce by 2.6%. Agricultu...

New deal DomRep-Barrick Gold increases significantly government revenues
DOMINICAN REPUBLIC · In Brief · 13 May 2013

Last week, the governmentof the Dominican Republic and Barrick Gold Corp. announced that they reached apreliminary agreement in order to change the terms of their 2009 contract forthe exploitation of the gold mine in Pueblo Viejo. The new contract will significantly improvethe government’s cash f...

Dominican Rep placed Sovereign Bonds at 5.875%
DOMINICAN REPUBLIC · In Brief · 12 Apr 2013

Yesterday, the government of the Dominican Republic announced that it successfully placed USD 1 bn in Sovereign Bonds. The interest rate negotiated was 5.875% on bonds with 10 years maturity. This has been the lowest rate negotiated by the DR since its first Sovereign Bonds issued in September 20...

Dominican Rep: tax revenues above target
DOMINICAN REPUBLIC · In Brief · 20 Mar 2013

Good news from the revenues side: during the first two months of the year, tax revenues were above target. Authorities reported a 108% accomplishment. Revenues totaled DOP 46.7 bn, 26.1% more than the first two months of last year. That was clearly the result of the recently approved tax reform a...

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