Central Bank Governor says economy is doing well

The Governor of the Central Bank, Hector Valdez Albizu, stated yesterday that the Dominican economy’s recovery process, hit since last March by the impact of the covid-19 pandemic, is going well.

“We are doing well. It is a difficult process. I believe that President Luis Abinader has made a great effort to inaugurate and promote everything that has to do with tourism and the Minister of Tourism himself, David Collado,” he said.

The official was interviewed before the signing ceremony of the agreement between the companies Caribbean Glass Industry and Cervecería Nacional Dominicana (CND) for the construction of a glass factory in Pedro Brand, which was attended by President Luis Abinader and three of his ministers, including the Minister of Industry, Commerce and Mipymes, Victor-Ito- Bisonó.

Valdez Albizu said that when the airports and tourist companies were closed, the Central Bank began to intervene in the lack of liquidity for US$6.4 billion.

He highlighted that the US$200 million that the Central Bank injected to the foreign exchange market since last Tuesday are additional to what has already been placed through its Electronic Platform of Foreign Exchange Negotiation after the closing of the companies, tourism, and airports.

He said the Central Bank had injected US$6.6 billion into the foreign exchange market since the pandemic hit the Dominican Republic because the agency “hit it hard. He said that the injection of US$200 million is intended to ensure the timely availability of dollars from the productive sectors during November and December of this year, especially for priority activities that produce or market medical supplies, food, consumer goods, as well as for the acquisition of raw materials for industry.