Dominican Republic’s central bank raises interest rates

Central bank forecasts inflation will reach target by mid-2022 after “gradual” decline

Banco Central de la República Dominicana
The Central Bank of the Dominican Republic

The Central Bank of the Dominican Republic (BCRD) increased its benchmark rate by 50 basis points to 3.5% on November 24, its first rise since July 2018.

The monetary board also increased the BCRD’s liquidity expansion facility rate and overnight deposit rate by 50bp, to 4% and 3% respectively.

According to its latest data, year-on-year core inflation reached 6.31% in October. Year-on-year consumer price index inflation was 6.56% in October. The central bank currently targets an inflation band

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