The Superintendence of Banks (SB) was visited by a mission from the International Monetary Fund (IMF) located in the Dominican Republic in order to prepare its annual report on the economic performance of the country and the state of the financial system.
The IMF mission, headed by Stephen Vesperoni (head of mission), and Frank Fuentes (Dominican representative to the IMF), was received at the SB headquarters by the Superintendent of Banks, Alejandro Fernández W., and members of the institution’s senior technical team.
During its visit, the IMF mission has scheduled several work meetings with the technical team of the SB, on various topics, such as the prudential regulatory update agenda; the implementation of international financial reporting standards (IFRS); the reform of user protection; the actions carried out in favor of innovation and financial inclusion; and initiatives on the prevention of money laundering and financing of terrorism (PLAFT).
Can read: Dominican economy reached a growth of 6.4% in March 2022
Highlights resilience of the Dominican economy
On the other hand, Stephen Vesperonihead of the mission of the International Monetary Fund (IMF) during the annual consultation with the Central Bank, stated that the Dominican economy has shown a Remarkable resilience and rapid recovery.
Vesperoni recognized “the reality of a complex international context that affects most of the world’s economies, with the war in Ukraine being the main reason for the inflationary pressures that inevitably affect prices, especially of raw materials.”
He pointed to the normalization of monetary policy in the United States as a challenge for stability in 2022, which it will take place gradually.
And he added that “in the international context, the Dominican Republic stands out for its effectiveness in responding to the effects of the pandemic, registering stronger economic growth than we had anticipated.”
