Dominican Republic confident in new inflation target; holds rates

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The monetary board at the Central Bank of the Dominican Republic voted to leave interests rates unchanged on February 2, its first meeting since introducing a new inflation-targeting framework.

The benchmark overnight rate will remain at 6.75%, while the emergency lending Lombard rate will stay at 9%. Annual consumer price index (CPI) inflation was estimated to have reached 7.8% in December 2011. Under the new inflation targeting framework adopted on January 19, the monetary board will target a

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