Economy July 19, 2022 | 4:18 pm

Central Bank affirms the country’s economy is performing well

The Governor of the Central Bank of the Dominican Republic, Lic. Héctor Valdez Albizu

Santo Domingo, DR
Inflationary pressures remain high in Latin America, influenced by the significant increase in international commodity prices and distortions in supply chains. This statement is made by the Central Bank in a note explaining that to counteract high inflation, central banks in the region have been implementing monetary normalization plans, increasing their monetary policy interest rates (TPM).

The bank notes that the growth of monetary aggregates has moderated significantly due to the monetary policy normalization process in the Dominican Republic.

It assures that domestic economic activity continues to perform well, growing 5.6% between January and May of this year and that private credit continues to show high dynamism, expanding by around 13.0% at the end of June. Furthermore, regarding the labor market, the CB points out that employment has recovered to levels similar to those recorded before the pandemic, and a reduction in the open unemployment rate is observed, reaching 6.4% in the first quarter of this year.

It highlights that international reserves have strengthened, exceeding US$14.4 billion, above the IMF’s recommendations.

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