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COUNTRY INSIGHTS

The Monetary Board adopts measures to expand liquidity
DOMINICAN REPUBLIC · In Brief · 01 Jun 2023 · 1 response

The measures adopted today by the Monetary Board provide additional liquidity for DOP 94 b (USD1.7 b). The measures are aimed at providing financing to the productive sectors and households under favorable conditions. Specifically, the measures are: 1. The release of resources from the legal rese...

DR Central Bank reduces the monetary policy rate
DOMINICAN REPUBLIC · In Brief · 31 May 2023

Today the Central Bank of the Dominican Republic (BCRD) decided to reduce the monetary policy interest rate  by 50 basis points, from 8.50% to 8.00% per year. This means that the rate of the permanent liquidity expansion facility (1-day Repos) decreases to 8.50% per year and the rate of interest-...

The Central Bank announces the possibility of adopting measures to revitalize the economy in the near future
DOMINICAN REPUBLIC · In Brief · 25 May 2023

In a conference at the Association of Industries of the Northern Region, the Governor of the Central Bank indicated that it is highly probable that inflation will enter the target range of 4% ± 1% at the end of this same month of May, before what was planned. According to Héctor Valdez Albizu, "t...

Inflation converging to target range, but growth is sluggish
DOMINICAN REPUBLIC · Report · 16 May 2023

The Dominican economy grew by a cumulative 1.4% in Q1 2023, the third lowest rate for a Q1 during 2005-2023. Meanwhile, y/y inflation was 5.15% in April, the lowest y/y rate recorded since December 2020, which shortens the distance to the annual inflation target range of 4±1%. The restrictive ...

Political arrangements for the 2024 elections being defined, amid economic uncertainty
DOMINICAN REPUBLIC · Report · 18 Apr 2023

Although economic activity growth in February 2023 (at 1.8% y/y) was higher than in January 2023 (at 0.4% y/y), the economy has undoubtedly entered a path of lower growth, which may intensify if international economic conditions deteriorate. Even the authorities have recognized the possibility of...

Inflation subsides, but drives economic activity lower
DOMINICAN REPUBLIC · Report · 14 Mar 2023

Monthly inflation in February stood at 0.11%, its lowest level since May 2020, when the price collapse of the first four months of the COVID-19 pandemic ended. However, lunch has not been free, since the fall in inflation has been accompanied by a sharp slowdown in economic activity, which in Jan...

Monetary policy rate unchanged in March 2023
DOMINICAN REPUBLIC · In Brief · 01 Mar 2023 · 1 response

The Central Bank decided yesterday to maintain the monetary policy rate at 8.5% per year, the same level in force since Nov 2021. The permanent liquidity expansion facility rate (1-day Repos) is also kept unchanged at 9% per year and the rate of remunerated deposits (overnight) at 8% per year. Th...

Monthly headline inflation falls, while core inflation rises
DOMINICAN REPUBLIC · Report · 15 Feb 2023

Inflation in December 2022 led the Central Bank to leave its policy rate unchanged at 8.5% on January 30th, 2023, arguing that the inflationary dynamics had responded to both the monetary restriction program and the subsidies implemented by the government. Although it emphasized sticking to the r...

Dominican Government issues new securities in local and foreign currency and concludes repurchase of bonds in DOP maturing in 2023.
DOMINICAN REPUBLIC · In Brief · 01 Feb 2023

The Dominican Government reported that it issued USD$1.8 b in local and foreign currency, with the purpose of repurchasing the international bond indexed in DOP maturing in 2023 and partially financing the 2023 Public Budget. The issuance in foreign currency amounts to USD700 m, with a coupon of ...

DR Ministry of Finance announces repurchase of DOP bonds that mature in 2023
DOMINICAN REPUBLIC · In Brief · 25 Jan 2023

Yesterday, the Ministry of Finance announced the decision to repurchase DOP bonds that mature in 2023. Payment will be made in cash. The amount of the main bond to be acquired is DOP40 b and has a coupon of 8.9% According to the announcement, disclosed through Global Bondholder Services Corporati...

Sharp slowdown and inflation rebound greet a gloomy and uncertain 2023
DOMINICAN REPUBLIC · Report · 17 Jan 2023

November 2022 confirmed the trend of a sharp slowdown in economic activity that began in September, while December brought the surprise of a strong rebound in monthly inflation. The y/y rise of the Monthly Economic Activity Index in November 2022 was 2.9%, with an average monthly fall of 0.95 ppt...

Standard & Poor's upgrades Dominican Republic's credit rating
DOMINICAN REPUBLIC · In Brief · 21 Dec 2022

The credit rating of the Dominican Republic granted by Standard & Poor's has gone from "BB-" to "BB". This is the first time that the country has obtained this classification. Standard & Poor's justified the decision in the good macroeconomic management of the country, expressed in its high rates...

Government submits bill to authorize debt contracting for 2023
DOMINICAN REPUBLIC · In Brief · 12 Dec 2022 · 1 response

The Executive Branch submitted to the National Congress a bill that authorizes it to contract the debt required to finance the 2023 public budget. The contract would be up to an amount of DOP363.3 b (USD6.58 b). The authorization contemplates the possibility of making the placement, partial or to...

Public spending accelerates, but deficit target seems intact
DOMINICAN REPUBLIC · Report · 12 Dec 2022

The economy continues to slow, with 3.8% y/y growth in October 2022, 1 ppt lower than in September. Accumulated growth in January-October 2022 (5.2%) remains around the 5% potential level. Inflation saw its greatest reduction since April, with CPI rising 7.6% in November 2022, from November 2021....

Slowdown in growth and inflation, with climate vulnerability a worry
DOMINICAN REPUBLIC · Report · 14 Nov 2022

The interannual growth of economic activity in September was 4.8%, lower than in August. Despite this slowdown, January-September 2022 accumulated interannual growth was 5.4%, above potential growth. Inflation has managed to maintain a downward trend since May, and y/y CPI growth was 8.2% in Oct...

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