Central Bank announced a pause in the monetary policy rate reduction path

DOMINICAN REPUBLIC - In Brief 01 Aug 2023 by Magdalena Lizardo
Yesterday, the Central Bank decided to maintain the monetary policy interest rate (TPM) at 7.75% per year. Both the permanent liquidity expansion facility rate (8.25% annually) and the interest-bearing deposit rate (6.75% annually) remain unchanged. The uncertainty in the international environment has been the justification for the adoption of a pause in the reduction path of the TPM. The Central Bank statement also reported that the monthly inflation rate in June was 0.22%, for an inflation of 5.33% y-y, and that the growth rate of economic activity in 2023 H1 was 1.2% y-y. The latter figure is a bad news, since it implies that the monthly growth of economic activity in June 2023 was 0.2%, the lowest since the beginning of the post-pandemic recovery.

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