Inflationary pressures caused by external factors, the high prices of raw materials have represented a challenge
The Governor of Central bank, Hector Valdez Albizustated that in the current international environment, the impact of remnants of the pandemic and the invasion of Russia to Ukrainecentral banks should remain focused on controlling inflation, given the strong inflationary pressures facing all countries in the world. Latin America and the Caribbean.
By participating in Washington in the Annual Meetings of the Boards of Governors of the International Monetary Fund (IMF) and the Group of world Banksaid that they could jeopardize the benefits of economic growth due to price instability, generating a negative social impact, mainly for the most vulnerable population.
He indicated that the inflationary pressures caused by external factors, the high prices of raw materials, as well as the costs of container transport have represented a challenge in macroeconomic terms during the last year, causing the monetary and financial authority to begin executing, from end of 2021, a monetary restriction plan, deciding to increase its monetary policy rate (MPR) by 525 basis points, from 3.00% to 8.25%.
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He highlighted that the Dominican economy has recovered rapidly, growing 12.3% in 2021 and 5.5% during January-August 2022. He expects that by the end of the year the economy will expand by 5.5%, hoping that by the end of the year the growth is between 5% and 5.5%, close to its potential.
He emphasized the importance of multilateral financing organizations continuing to support the region to successfully overcome post-pandemic challenges and the international repercussions of the war in Ukraine; Welcoming the entry into force of the new Resilience and Sustainability Fund, which helps member countries to face structural challenges exacerbated by the pandemic and climate change. The remarkable performance of the tourist activity stood out, with the arrival of 4.9 million non-residents in the period January-August 2022.
