Santo Domingo.- The Central Bank of the Dominican Republic (BCRD) announced that as of Tuesday, November 10, it will inject US $ 200 million into the foreign exchange market, in addition to its regular participation through its Electronic Foreign Currency Trading Platform.
According to the BCRD, this measure has the purpose of guaranteeing the timely availability of dollars to meet the demands of the productive sectors during the last months of the year, especially for those priority activities that produce or sell medical supplies, food, consumer goods, as well as for the acquisition of raw materials for the industry.
Likewise, the Central Bank reiterates that it maintains its proactive participation in the foreign exchange market in the face of the reactivation of the economic activity that is taking place to guarantee the necessary foreign exchange in anticipation of the additional demand that usually occurs in this period of the year, in which economic agents and the commercial sector require foreign exchange to replenish their inventories in preparation for the Christmas season.
It is essential to highlight that the Central Bank has a level of international reserves higher than US $ 9,700 million, equivalent to approximately 13% of the Gross Domestic Product (GDP) and coverage of 6 months of imports, exceeding the thresholds of 10% of GDP and the three months of imports recommended by the International Monetary Fund (IMF).
“These levels of international reserves show a robust position to face adverse shocks and ensure that the sectors that demand foreign exchange operate without major setbacks, especially at times when there is a progressive recovery in domestic demand,” he says.