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COUNTRY INSIGHTS

New increase in the monetary policy rate
DOMINICAN REPUBLIC · In Brief · 01 Nov 2022

Yesterday the Central Bank increased the monetary policy rate by 25 basis points, going from 8.25% to 8.50% per year. The new rate for the permanent facility for liquidity expansion (1-day repos) is 9.00% per year, while the new interest-bearing deposit rate (Overnight) is 8.00% per year. The Cen...

Abel Martínez won the PLD consultation to elect his pre-presidential candidate for 2024
DOMINICAN REPUBLIC · In Brief · 17 Oct 2022

Abel Martinez won comfortably with 60.9% of the votes, followed by Francisco Dominguez Brito with 20.8% and Margarita Cedeño with 16.2%. Martinez is the current mayor of Santiago, the second largest city in the country. He was elected for the first time for the 2016-2020 period and re-elected for...

Proposed 2023 budget maintains status quo; growth slowdown looms
DOMINICAN REPUBLIC · Forecast · 11 Oct 2022

The 2023 proposed budget incorporates a lower than expected deficit for 2022, but higher than in 2021. With an oil price forecast at $89/b for 2023, the government wants to play it safe, and not risk having to eliminate subsidies and adjust domestic energy prices. Subsidies for electricity and fu...

Damage caused by Hurricane Fiona exceeds USD373 m
DOMINICAN REPUBLIC · In Brief · 27 Sep 2022

Preliminary estimates of the damage caused by Hurricane Fiona exceed USD $373 m. (DOP20 b), according to information provided by President Luis Abinader at a press conference held yesterday. The president reported on the efforts made to reestablish services in the affected areas. In the affected ...

Hurricane Fiona strongly impacts the eastern and northeastern provinces of the country
DOMINICAN REPUBLIC · In Brief · 20 Sep 2022

Hurricane Fiona made landfall in the Dominican Republic early Monday with winds of 150 kilometers per hour. It had a strong impact on east and northeast regions, mainly affecting the provinces of La Altagracia, El Seibo, Hato Mayor, Samaná, Duarte and María Trinidad Sánchez. So far there has been...

Inflation and economic growth slow as government negotiates 2022 budget amendment
DOMINICAN REPUBLIC · Report · 13 Sep 2022

Monthly inflation in August (0.21%) slowed sharply compared to average monthly inflation in January-July 2022 (0.76%). Economic activity growth also slowed in July (4.7% y/y). Even so, accumulated economic growth from January-July was 5.5%, compared to the same period in 2021. The Central Bank...

2022 Budget amendment Bill with higher deficit but no change in financing needs
DOMINICAN REPUBLIC · In Brief · 25 Aug 2022

The government delivered to the National Congress the Budget Amendment Bill for 2022, which increases the deficit to 3.6% of GDP, 0.6 pp higher than initially formulated. The novelty is that, thanks to the increase in tax revenues and savings in interest payments due to liability management opera...

Valdez Albizu ratified as Governor of the Central Bank
DOMINICAN REPUBLIC · In Brief · 12 Aug 2022

President Luis Abinader has ratified the current governor of the Central Bank, Hector Valdez Albizu, to remain in the position for the period 2022-2024. Valdez Albizu has held the position for 24 years (1994-2000 and 2004-2022). He has worked as Governor of the Central Bank in the administrations...

Avoiding economic crisis amid political litmus tests
DOMINICAN REPUBLIC · Report · 11 Aug 2022

Amid an increasingly restrictive monetary policy and increases in widespread subsidies, economic growth (5.6%) and inflation (9.5%) in H1 2022 maintained momentum compared to H1 2021. This was also true when compared with January-May 2022. Economic growth has been mainly associated with the stron...

The electricity rate frozen until further notice
DOMINICAN REPUBLIC · In Brief · 21 Jul 2022

According to the Electric Pact, a new quarterly adjustment of the electricity rate was required in July-September, which was issued on June 30 by the Superintendency of Electricity (SIE). However, this increase was rescinded by the SIE since two days ago the government asked the Economic and Soci...

Still growing, amid inflation-fighting and great uncertainty
DOMINICAN REPUBLIC · Report · 18 Jul 2022 · 1 response

The Dominican economy continues to grow, although at a slower monthly rate. In January-May 2022, the economy grew 5.6%, compared to the same period of 2021. But projections indicate that 2022 growth will end up at 5%, or possibly even less, at closer to 4.3%. For H2 2022, a significant growth slo...

A new increase in the monetary policy rate
DOMINICAN REPUBLIC · In Brief · 01 Jul 2022

Yesterday, the Central Bank decided an increase of 75 basic points in the monetary policy rate. The rate of the permanent facility for liquidity expansion (1-day Repos) increases from 7.00% to 7.75% per year and the interest-bearing deposit rate (Overnight) from 6.00% to 6.75% per year. This is t...

Inflation falls due to energy price freezes and tighter monetary policy
DOMINICAN REPUBLIC · Report · 14 Jun 2022

After a strong 1% rise in April, monthly inflation fell 0.5% in May, one of its lowest levels since September 2020. But there was no free lunch: the Dominican government has maintained its fuel subsidy plan during the first five months of 2022, thereby providing a subsidy of $318.4 million to mi...

​Increase of 100 basis points in the monetary policy rate
DOMINICAN REPUBLIC · In Brief · 01 Jun 2022

The Central Bank decided yesterday to increase the monetary policy rate from 5.5% to 6.5% per year. Since November 2021, the rate has increased 350 bp, as part of the Central Bank's policy decisions to counter rising inflation. The rate of the permanent facility for liquidity expansion (1-day Rep...

Vigorous recovery and resilience of Dominican economy despite challenges from global factors, according to IMF Mission
DOMINICAN REPUBLIC · In Brief · 17 May 2022

The IMF concluded the 2022 Article IV Consultation Mission and recognized that "the economy has shown a vigorous recovery after the pandemic, despite global factors that have generated challenges in terms of inflation." For the IMF, resilience and signs of policy sustainability are placing the Do...

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