Economy January 7, 2021 | 7:37 am

Dominican Republic’s international reserves exceed US$10.75B: Central Bank

Santo Domingo.- Dominican Republic’s Central Bank (BCRD) on Wed. reported international reserves exceeding US$10.75 billion at yearend 2020, the highest level historically recorded, says a statement from the institution.

The amount is equivalent to 13.7% of GDP and a coverage of 7.3 months of imports, exceeding the thresholds of 10% of GDP and the 3 months of imports recommended by the International Monetary Fund (IMF), the BCRD says.

“These levels of international reserves are another important indicator that points to the robustness of the macroeconomic fundamentals of the Dominican Republic, while confirming that the Central Bank maintains a strengthened position to ensure that the sectors demanding foreign exchange continue to operate without major setbacks.”

It adds that the historical level of international reserves was reached in 2020, the year in which all the world’s economies were impacted by Covid-19, causing a suspension of tourism and other activities that generate hard currency.