Investment bank executives JPMorgan informed the governor of central bank of the Dominican Republic (BCRD), Hector Valdez Albizuthat, in the opinion of the international corporation, its vision regarding the solidity of the BCRD is “excellent”.
Robert Cozzari and Eugenio Alarcón, representing the JPMorganThey had a working meeting with Valdez Albizu, according to a statement from the BCRD.
In the meeting, a follow-up and evaluation of the course of the investment operations carried out by this international financial corporation in the Dominican Republic.
According to the statement, representatives of JPMorgan expressed their complete agreement with the future of their investments in Dominican Republictheir “good prospects” for the future, and showed their interest in exploring new fields of investment “given the existing macroeconomic stability and the attractiveness that financial benefits represent for JPMorgan”.
“Our immediate objective is to strengthen a long-term relationship with the BCRD and the Dominican Republicand for this reason we are interested in contemplating with you new investment possibilities for larger operations”, they indicated.
The governor passes balance
Valdez Albizu pointed out that the bases that support the fact that the Dominican Republic What is today one of the most attractive places for foreign direct investment (FDI) on the international scene are the existing legal security, political and social peace, together with the high level of certainty perceived by investors.
He added that “if it were not for the existing brake due to the international geopolitical situationthe Dominican Republic would still be in a higher position of privilege with respect to the global environment”.
The governor expressed his availability to study new investment vectors for JPMorganwith the certainty that, after the analysis and deliberations carried out on the basis of the reports from the BCRD work teams, spaces of great interest will be opened investor.
Valdez Albizu offered them a brief report on the behavior of the Dominican economy in 2022highlighting that direct foreign investment was located at 3,957.7 million dollars and foreign currency income reached close to 39,000 million dollars.
In addition, this contributed to the international reserves reached the historical figure for a year-end of 14,440.6 million dollars, equivalent to 5.6 months of imports and 12.8% of GDP.
He also reported that the reception of remittances closed 2022 with 9,856.5 million dollars, and that income from tourism amounted to 8,406.5 million dollars, having registered the arrival of 7.2 million tourists and 1.3 million cruise passengers, for a total of 8.5 million visitors.
In turn, he indicated that the accumulated appreciation of the exchange rate as of December 30, 2022, it was 2.0%, and that exports showed a growth of 10.5% compared to 2021, which represents an increase of 1,306.9 million dollars.
Valdez Albizu added that the Monetary Board decided to keep its monetary policy interest rate (TPM) unchanged at 8.50% per year, being among the lowest in Latin America.
