Overkill

DOMINICAN REPUBLIC - Report 14 Sep 2013 by Pavel Isa and Fabricio Gomez
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 of having a very autonomous Central Bank, disconnected from other important objectives, such as growth and employment. After a period of relative currency stability, the peso plunged 1.8% in July -- its biggest tumble this year. On August 29th, the peso hit a low of DOP 43.1 to the dollar, a level a...

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