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Dominican Rep allocates USD 1.25 bn in Sovereign Bonds
DOMINICAN REPUBLIC · In Brief · 30 Apr 2014

On 24 April, the Dominican government announced the allocation of USD 1.25 bn in Sovereign Bonds of 30 years term at a yield of 7.45%. This rate is below the yield in the secondary market of all 30-year Sovereign Bonds of countries rated B in the date of the issuing. The demand for the bonds reac...

Facing Political Challenges
DOMINICAN REPUBLIC · Report · 22 Apr 2014

Executive Summary Though his approval ratings are high, and the opposition is divided, President Danilo Medina faces two critical political challenges. The first is the passage of a naturalization bill that would address the status of the descendents of undocumented immigrants. The bill, which th...

President Wows the Public
DOMINICAN REPUBLIC · Report · 18 Mar 2014

Executive Summary President Danilo Medina scored more points with his February 27th mandatory speech to Congress. The respected polling firm Newlink Research found that87% of the public was either very satisfied (65%) or somewhat satisfied (22%) with his presentation, while just 13% of respondent...

Dominican Rep to issue USD 1.5 bn in Sovereign Bonds and USD 776 millions in domestic bonds
DOMINICAN REPUBLIC · In Brief · 11 Mar 2014

The government sent to Congress a bill which, once approved, will give permission to the Ministry of Finance to issue Sovereign Bonds for up to USD 1.5 bn to be allocated in the international financial market. It also sent a second bill which would give permission to issue domestic bonds for up t...

Medina Strengthens his Hand
DOMINICAN REPUBLIC · Report · 19 Feb 2014

Executive SummaryPresident Danilo Medina and his team swept the vote in the PLD convention that elected new members for its most powerful bodies. Medina’s followers landed almost all the new posts, in contests for both the central and political committee.The big loser was former President Leonel ...

Dominican Rep: against all odds, 2013 fiscal deficit on target
DOMINICAN REPUBLIC · In Brief · 29 Jan 2014

The Ministry of Finance just released final figures on the fiscal deficit for 2013. It set the deficit at DOP 70.0 bn, slightly below the level authorized by the 2013 Budget Law. This is equivalent to 2.77% of GDP. The target was 2.8% of GDP. Total spending reached DOP 442.2 bn and revenues total...

Dominican Rep: surprising figures of GDP growht for 2013 (Q4 and Q1-Q4)
DOMINICAN REPUBLIC · In Brief · 22 Jan 2014 · 2 responses

The Central Bank just released data of GDP growth for Q4 2013 and for the whole year. The figures are surprising and have been received with disbelief by many analysts. According to the Bank, in Q4 GDP grew at 7.2% compared to Q4 of 2012. As a result, GDP growth for 2013 was 4.1% compared to 2012...

Time for Political Definition
DOMINICAN REPUBLIC · Forecast · 16 Jan 2014

Executive Summary GDP growth in Q4 2013 will reach 3.3%, leading to annual GDP growth of 3.1% for 2013. The relatively low growth rate will result in an increase of half a percentage point in the rate of unemployment, thus reaching 15.4%. As of December 2013, the year-to-year inflation rate remai...

Where Has All the Spending Gone?
DOMINICAN REPUBLIC · Report · 17 Dec 2013

Executive SummaryPublic investment spending is dragging once again, with probable negative implications for demand, employment and growth. And the 2013 budget deficit is likely to be smaller than expected, though tax revenues are also below target. Tax revenues have been persistently falling shor...

A Court’s Ruling Divides The Country
DOMINICAN REPUBLIC · Forecast · 15 Nov 2013

Executive SummaryPreliminary figures set GDP growth for January-September 2013 at 2.9%, most of which is due to the growth registered in Q3, estimated at 5.5%. Leading activities during the period were mining, finance, hotels, bars and restaurants, health services, communications, education, othe...

Dominican Rep Issues USD 500 Millions in Sovereign Bonds
DOMINICAN REPUBLIC · In Brief · 28 Oct 2013

Last week, the Government of the Dominican Republic issued USD 500 in Sovereign Bonds at a 6.6% interest rate. Citibank was in charge of the operation. Initial offers amounted to USD 1,750 millions, 3.5 times the amount offered. According to the Ministerio de Hacienda, the amount issued correspon...

New Budget, Same Old Problems
DOMINICAN REPUBLIC · Report · 15 Oct 2013

Executive SummaryAggressive tightening in September produced the desired result: interest rates stopped falling, the weakening currency rebounded to early August levels and inflation stopped accelerating. (September inflation was 0.49%; accumulated 2013 inflation through September was 3.57% and y...

Budget Deficit Target for 2014: 2.8% of GDP; USD 1.5 bn in Sovereign Bonds; GDP Growth: 4.5%
DOMINICAN REPUBLIC · In Brief · 08 Oct 2013

In compliance with the Constitutional deadline, last week the Executive presented to Congress the budget bill for 2014.  The proposed budget sets a deficit target equivalent to 2.8% of GDP, a level similar to that for 2013. Although no one was expecting a drastic reduction in primary spending giv...

Overkill
DOMINICAN REPUBLIC · Report · 14 Sep 2013

Executive Summary The Central Bank’s abrupt reversal of its expansionary monetary policy, amid concerns over sharp currency depreciation and prospective inflation, unnecessarily compromised economic recovery. Those worries dominated economic policy decisionmaking, and pointed once again to risks ...

Dominican Rep: Backtracking in Monetary Policy after DOP Depreciation Accelerated
DOMINICAN REPUBLIC · In Brief · 04 Sep 2013

Last week, the Central Bank announced several measures aimed at containing the depreciation of the DOP. In August DOP depreciated 1.8% against the USD, the highest monthly rate registered so far in 2013.The measures included:1. The increase of the monetary policy rate in 200 bp (from 4.25% to 6.2...

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