Spending Struggles

DOMINICAN REPUBLIC - Report 17 Jul 2013 by Pavel Isa Contreras and Fabricio Gomez
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 June 28th, after a period of stability at 41.1 March through May. Though the currency decline can’t be explained by either monetary or fiscal policies, we don’t foresee unmanageable pressures on the currency in coming months. Government authorities no longer have trouble controlling expenditure: ra...

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