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COUNTRY INSIGHTS

Economy grows slowly, as campaigning heats up
DOMINICAN REPUBLIC · Report · 21 Sep 2023

The Dominican economy grew 2.9% y/y in July, its most robust growth rate so far this year. But growth for January-July 2023, at 1.4% y/y, dispelled any doubts that 2023 would be a lean year. Since 2007, annual growth rates below 1.4% January-July have only occurred during the great recession of 2...

The diplomatic crisis between the Dominican Republic and Haiti persists.
DOMINICAN REPUBLIC · In Brief · 19 Sep 2023

It has now been one week since the onset of the diplomatic conflict between the Dominican Republic and Haiti. On Monday, September 11, 2023, the Dominican Government made the decision to close the land border with Haiti at the Dajabón pass. They formally requested the Government of Haiti to halt ...

The Dominican Government announces expiration of offer to purchase and issues USD 1.25 b bond.
DOMINICAN REPUBLIC · In Brief · 12 Sep 2023

Last Sep 5, 2023, the Dominican Government opened the purchase offer for bonds USP3579ECD78/P3579E CD7 (Reg S) and US25714PEA21/25714P EA2 (144A). These bonds were originally issued for DOP 68,023,000,000 at an annual interest rate of 9.75% and are set to mature in June 2026. Today, the Governmen...

The Central Bank reduces the monetary policy rate by 25 basis points
DOMINICAN REPUBLIC · In Brief · 01 Sep 2023

Yesterday the Central Bank decided to reduce the monetary policy rate from 7.75% per year to 7.50% per year. The rate of the permanent liquidity expansion facility was also reduced by 25 basis points, going from 8.25% per year to 8.00% per year. However, the Central Bank opted for a greater reduc...

Agreement reached to create an opposition alliance for 2024 elections
DOMINICAN REPUBLIC · In Brief · 21 Aug 2023

Today the three main opposition parties of the Dominican Republic, PLD, FP and PRD, announced the creation of the opposition alliance Rescate RD (DR Rescue) to present common candidacies in the next 2024 elections. The agreement proposes 4 common candidacies to positions in the Senate of the Repu...

President Abinader announces re-election aspirations, amid flagging economic growth
DOMINICAN REPUBLIC · Report · 16 Aug 2023

President Luis Abinader has just announced that he will seek a second term. Though he’ll have to formally seek his PRM’s nomination in this October’s primaries, there’s no doubt that the popular president will win his party’s backing. He justified his decision to run for reelection in May 2024 on...

Public budget amendment bill will increase the deficit for 2023
DOMINICAN REPUBLIC · In Brief · 02 Aug 2023

Yesterday, the Government sent to the National Congress a public budget amendment bill for 2023. According to the Ministry of Finance, the “modifications in the Budget respond to the slowdown in economic growth, which has accentuated in 2023, attributed to various factors such as the decrease in ...

Central Bank announced a pause in the monetary policy rate reduction path
DOMINICAN REPUBLIC · In Brief · 01 Aug 2023 · 1 response

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 environmen...

Inflation falls into target range, but pressure to boost growth is rising
DOMINICAN REPUBLIC · Report · 19 Jul 2023 · 1 response

The positive news is that, after 32 months above the 4 ± 1% y/y target range, inflation fell into range in May, and in June stood at the 4% y/y midpoint. But the negative news is the weak January-May economic growth, of just 1.4% y/y. These two reports together led to monetary policy easing. J...

A further reduction in the monetary policy rate.
DOMINICAN REPUBLIC · In Brief · 29 Jun 2023

Today, the Central Bank of the Dominican Republic (BCRD) reduced its monetary policy interest rate by 25 basis points, from 8.00% to 7.75% per year. The rate of the permanent liquidity expansion facility (1-day Repos) was also reduced by the same magnitude, going from 8.50% to 8.25% per year, as ...

Central Bank cuts rates as inflation falls into target range, and growth slows
DOMINICAN REPUBLIC · Report · 12 Jun 2023

May offered many surprises. Monthly inflation was negative (-0.2%), which allowed interannual inflation, at 4.43%, to fall into the target range of 4 ± 1% per year. But the cost has been high: economic activity growth was just 1.2% y/y in January-April. The Central Bank's response was immediat...

Government deposits in Congress a Fiscal Responsibility Bill
DOMINICAN REPUBLIC · In Brief · 02 Jun 2023 · 2 responses

Yesterday, the Ministry of Finance, on behalf of the Executive Power, deposited in the National Congress a Fiscal Responsibility Bill. The bill seeks to guarantee the sustainability of public finances. The fiscal rule states that annual primary spending growth rate must not exceed the expected in...

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...

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