Dominican Republic Monetary Policy April 2020

Dominican Republic

Dominican Republic: Central Bank keeps rates unchanged in April

April 30, 2020

its end-April meeting, the Central Bank (BCRD) left its monetary stance unchanged, after substantial easing in March to combat the Covid-19 fallout.

The BCRD appeared to be in wait-and-see mode following its recent easing, which included rate cuts and an over USD 2 billion liquidity injection, as monthly inflation and GDP data does not yet reflect the impact of the measures. Moreover, pressure on the peso, which has now depreciated 3.7% against the dollar since the start of the year, likely provided further motivation to avoid extra rate cuts.

In its communiqué, the Bank remained dovish, stating it would continue to monitor the impact of coronavirus on growth and was prepared to react if needed. As such, further monetary easing, either in the form of rate cuts or a boost to liquidity, is possible going forwards.

Author:, Economist

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Dominican Republic Monetary Policy Chart

Dominican Republic Monetary Policy April 20 20 1

Note: Central Bank policy rate in %.
Source: Dominican Republic Central Bank.

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