Money in Dominican Republic

Dominican Republic Money | Economic News & Forecasts

Dominican Republic - Money

Central Bank stays put once again in December

At its last meeting of the year on 29 December, the Central Bank of the Dominican Republic (BCRD) opted to leave the policy rate unchanged at 8.50%. The move mirrored November’s decision, which marked the halt of the tightening cycle that had started in November 2021 and saw a cumulative 550 basis point increase.

The decision to once again hold fire was driven by a recognition that previous rate increases to bring the policy rate into contractionary territory had started to have the desired impact; having peaked at 9.6% in April, headline inflation continued to moderate in November, to 7.6%. Similarly, core inflation also continued to soften in November. The Bank stated that, with the policy rate at its current level, headline inflation was expected to fall back within its 3.0–5.0% target band by the end of H1 2023. Indicators confirming economic growth had started to slow down further supported the Bank’s decision to stand pat.

In its communiqué, the BCRD did not provide hints on future policy moves. That said, if inflation continues to moderate, it is unlikely that the Bank will not increase rates further. The Bank concluded that it “reaffirms its commitment to conduct monetary policy towards achieving its inflation target and the proper functioning of the financial and payment systems.”

Most of our panelists expect the Bank to cut the policy rate later this year, and see the policy rate to end 2023 at 6.50%. The BCRD is expected to hold another policy meeting at the end of January.

FocusEconomics panelists see the policy rate ending 2023 at 7.43% and 2024 at 5.65%.

Dominican Republic - Money Data

2015   2016   2017   2018   2019  
Money (annual variation in %)11.6  10.0  10.3  4.5  10.4  

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Dominican Republic Money Chart

Dominican Republic Money
Note: Annual variation of M2 in %.
Source: Dominican Republic Central Bank.

Dominican Republic Facts

Value Change Date
Exchange Rate52.960.80 %Jan 01

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