DR Central Bank receives SDR allocation for USD649.05 m

DOMINICAN REPUBLIC - In Brief 26 Aug 2021 by Magdalena Lizardo
As a result of the decisions of the IMF Board of Directors of August 2, 2021 that assigned DEG456.56 b with the purpose of strengthening the balance of payments of the member countries in the framework of the COVID-19 crisis, the Central Bank from the Dominican Republic has received USD649.05 m. The amount received is proportional to the DR quota in the IMF, equivalent to 0.1% of the total quota.With this operation, on August 23rd, the level of international reserves of the Dominican Republic rose to USD12.8 b, equivalent to 14.6% of GDP and a coverage of 7.4 months of imports. This expansion of international reserves does not entail an expansion of the monetary base, so it would not imply an increase in the quasi-fiscal deficit that is generated if monetary sterilization operations had been generated.

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