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COUNTRY INSIGHTS

Aiming for an Image of Judicial Independence
DOMINICAN REPUBLIC · Forecast · 05 Sep 2017 · 1 response

The National Council of the Magistracy (CNM) last month appointed new judges to the Superior Electoral Court (TSE), the highest court for the resolution of electoral conflicts. Although the appointments, factually under control of President Danilo Medina, secured the PLD’s control over the court,...

Real GDP growth declines to 4% in H1
DOMINICAN REPUBLIC · In Brief · 09 Aug 2017

The Central Bank released data that reveals a noticeable contraction in economic activity in H1. The Monthly Indicator of Economic Activity (IMAE, for its Spanish acronym) set real GDP rate of growth at 4%, below its potential. In H1 2016, GDP growth was estimated at 7.4% and for the whole year a...

Green Movement Power Expands
DOMINICAN REPUBLIC · Report · 04 Aug 2017 · 1 response

Monetary policy has changed course, at least in the short run. Effective August 1st, the Monetary Board cut by 2.2% the coefficient of required reserves for financial intermediation entities. This represents a release of up to DOP 20.4 billion (nearly $425 million). The Board also cut policy inte...

Government on the Defensive Over Corruption
DOMINICAN REPUBLIC · Report · 13 Jul 2017

Economic activity is slowing, according to official data. Between January and May, growth was up 4.2% from the same period in 2016, and up 5.2% between January and March. Inflation continues to be low. In May, the CPI shrank 0.14%, bringing accumulated ytd inflation to 0.96%, and annualized infla...

Odebrecht Accusations Stir Political Earthquake
DOMINICAN REPUBLIC · Forecast · 02 Jun 2017

Amid weeks of public speculation, the Attorney General has finally accused 14 people in the DR of participating in Odebrecht’s bribery scheme here. Most of the accused have high political profiles; many are close to ex-president Leonel Fernandez, among them former ministers; the president of the ...

​First arrests in the Odebretch case
DOMINICAN REPUBLIC · In Brief · 29 May 2017

As we finalize our quarterly report, the Office of the General Prosecutor ordered the first arrests in the Odebretch case. So far, 12 persons are currently in custody (or about to be) and will be charged: Angel Rondón: entrepreneur who supposedly acted as the middleman in the bribery scheme. Andr...

Q1 2017 GDP growth rate: 5.2%
DOMINICAN REPUBLIC · In Brief · 09 May 2017

The Central Bank announced yesterday that real GDP growth rate for Q1 reached 5.2%, compared to Q1 2016. The figure is in line with prospects of a moderate decline in growth for 2017. Finance, agriculture, construction and tourism led economic expansion during the period. Although it is a lower r...

Growing Anti-Corruption Movement Pressures the President
DOMINICAN REPUBLIC · Report · 04 May 2017 · 1 response

The anti-corruption movement known as the Green March is growing in size and strength, and the government is feeling the heat. Protestors are demanding that investigations accelerate, and have accused the Attorney General of negligence, bias and taking orders from President Danilo Medina and his ...

OK given to an agreement between Odebretch and the Office of the General Attorney
DOMINICAN REPUBLIC · In Brief · 20 Apr 2017

In what can be interpreted as a victory for the government, yesterday a judge approved the terms of an agreement between Odebretch and the Office of the General Attorney through which the firm accepts to cooperate with the investigation on kickbacks on infrastructure projects and agrees to pay a ...

Central Bank set the budget deficit at 2.8% of GDP, 0.5 points above target
DOMINICAN REPUBLIC · In Brief · 19 Apr 2017

The Central Bank has released its preliminary report of the performance of the economy of the Dominican Republic in 2016. Although figures for aggregate GDP growth, employment, inflation, external accounts and monetary aggregates are not different from what it has been made public before, the ban...

Monetary Policy Rate increase
DOMINICAN REPUBLIC · In Brief · 09 Apr 2017

A few days ago the Central Bank announced an increase of 25 basis points in its Monetary Policy Rate (MPR), from 5.50% to 5.75%. Likewise, it increased the rate for short-term deposits from 4.00% to 4.25% and that of repos from 7.00% to 7.25%. Although the increase was small, this is the second i...

Government Seen as Dragging its Feet on Odebrecht Prosecutions
DOMINICAN REPUBLIC · Report · 29 Mar 2017

Corruption in general and the Odebrecht case in particular continue to dog both the ruling PLD and the political system. The image of Danilo Medina´s government has deteriorated, and recent events suggest that the top level of the PLD has begun to fracture. The justice system has been unable to c...

Medina’s Popularity Sinks Amid Corruption Scandals
DOMINICAN REPUBLIC · Forecast · 03 Mar 2017

The most awaited and reputable poll in the country has confirmed what many suspected: that President Danilo Medina's approval ratings have plummeted, with the public pointing fingers at the biggest political parties and several prominent political figures over corruption, and illegal enrichment o...

Odebrecht Bribery Scandal Shakes Government and Society
DOMINICAN REPUBLIC · Report · 31 Jan 2017

The revelations from the Lava Jato investigations in Brazil, and from a U.S. Department of Justice investigation into illegal practices of Brazilian companies, are shaking the continent, and the Dominican Republic, too. The hottest topic is an extensive bribery scheme that the Odebrecht construct...

Fiscal accounts off target
DOMINICAN REPUBLIC · Report · 26 Dec 2016

GDP is likely to close 2016 with a 6.7% increase with respect to 2015. From January thru September, GDP growth reached a remarkable 6.9%. We estimate that in Q4 it will clinch at 6.5%. Inflation remains very low and the annual rate is likely to close below a third of the lower range of the tar...

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