July 29, 2021

Dominican Republic highlights its economic growth and low inflation before the IMF

Dominican Republic highlights its economic growth and low inflation before the IMF



The governor of the Central Bank of the Dominican Republic (BCRD), Héctor Valdez Albizu, today highlighted before a delegation of the International Monetary Fund (IMF) the economic growth in the country, which until September stood at 6.9%, which has been accompanied by low inflation.

In the meeting, held at the headquarters of the issuing bank, Valdez Albizu said that economic growth "exceeded the estimates" of the BCRD, thanks to the behavior of consumption and private investment, among other factors.

Regarding inflation, he said that it reached 1.75% by October, and that it is estimated that the year will end well below 3%, combined with the relative stability of the exchange rate, according to a BCDR statement.

At the same time, he stressed, the growth of private credit, which has remained dynamic, is 12.1% in annual terms, as well as the behavior of foreign investment, tourism and remittances.

On the other hand, Váldez Albizú said before the IMF mission, led by Aliona Cebotari, that the consensus between the Ministry of Finance and the BCRD is being refined for the final elaboration of a proposal to recapitalize the issuing bank.

Also, according to the statement, the governor of the BCRD announced to the IMF the acquisition of an electronic platform destined to the commercialization of foreign currencies, which is expected to start operating in the first quarter of next year, which will mean an important advance for the better functioning and operation of the Dominican exchange market.

He also reported on the approval, by the Dominican Monetary Board, of a regulation on cybersecurity, which has the support of the Federal Reserve of the United States (Fed).

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