Money in Dominican Republic
Dominican Republic - Money
Central Bank leaves rates unchanged in February but is monitoring the coronavirus fallout
At its February monetary policy meeting, the Central Bank (BCRD) left the policy rate unchanged at 4.50% for the sixth straight month, following 100 basis points of easing in June–August 2019 to boost economic activity.
The decision to stay put was underpinned by inflation which has remained within the BCRD’s 3.0%–5.0% target range in recent months and robust domestic momentum. Moreover, the Bank expected inflation to remain on-target this year and forecast GDP growth to be close to potential.
In its communiqué, the Bank remained dovish, and made specific reference to the coronavirus in its forward guidance section for the first time. The likely impact of the virus on the domestic economy, looser monetary policy from key Central Banks such as the U.S. Fed, and the recent plunge in oil prices all raise the possibility of near-term easing by the BCRD.
Last month, our panel forecast the Central Bank’s main policy rate to end 2020 at 4.50% and 2021 at 4.63%. A new Consensus Forecast will be published on 17 March.
Dominican Republic - Money Data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Money (annual variation in %) | 10.2 | 11.6 | 10.0 | 10.3 | 4.5 |
Dominican Republic Money Chart
Source: Dominican Republic Central Bank.
Dominican Republic Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 52.96 | 0.80 % | Jan 01 |
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Economic News
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Dominican Republic: Economy loses steam in January but remains solid
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Dominican Republic: Inflation dips in February but stays within the target range
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Consumer prices fell 0.13% in February over the prior month, contrasting January’s 0.33% increase.
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Dominican Republic: Central Bank leaves rates unchanged in February but is monitoring the coronavirus fallout
February 28, 2020
At its February monetary policy meeting, the Central Bank (BCRD) left the policy rate unchanged at 4.50% for the sixth straight month, following 100 basis points of easing in June–August 2019 to boost economic activity.
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Dominican Republic: Inflation continues to rise in January
February 10, 2020
Consumer prices rose 0.33% in January over the prior month, up from December’s 0.20% rise.
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Dominican Republic: Central Bank leaves rates unchanged in January on encouraging growth and inflation metrics
January 31, 2020
At its January monetary policy meeting, the Central Bank (BCRD) left the policy rate unchanged at 4.50% for the fifth straight month, following 100 basis points of easing in June–August to boost economic activity.
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