Home Wararka Maanta Mala socotaa in wiil dhaliyaro ah oo soomaliyeed maalulo Qaybta ugu muhiimasan dhaqaalaha Aduunka
Wararka Maanta - January 9, 2022

Mala socotaa in wiil dhaliyaro ah oo soomaliyeed maalulo Qaybta ugu muhiimasan dhaqaalaha Aduunka

January 9, 2022 Mashaa Allah wiil dhalin yaro ah oo soomaali ah oo la yiraahdo professor Hassan Adan oo markii dhaqaalaha aduunku galay qalalaaso ka dhashay hoos u dhicii dhaqaalaha aduunka ee 2020 ilaa 2021 loo xil saaray in uu arintaa wax kaqabto dhaqaa la hoodana salka udhigo oo xaliyo wadama badan oo aduunka ka mid ah xasan aden waa ninka shashada ka muuqda dhexda ku jira sida latin America iyo bariga dhexe iyo weliba Asiya Wiilkaan dhalin yarada ah ee somaliga ah ayaa hayada lacagta aduunka ee looyaqaan IMF oo uu ka tirsanyahay madaxda sarsara ka midyahay ayaa joornaalada aduunku wax badan ka qoree isagoo hugaanka u haya Central Bank of the Dominican RepublicWaana ninka dhexda ku jira marka la fiiriyo shaashada darbiga saaran Waxaan war bixintaan ka sooqaaday joornaaladii wax ka qoray sanadkii tagay ee 2021 dadkii wax ku soo saa idiyay dhaqaalaha aduunka Linkigii aan warbixintaan ka soo qaaday hoos ka akhriso

Valdez Albizu receives a mission from the IMF to evaluate the recent performance of the Dominican economy

By David James– November 15, 2021

The governor of the Central Bank of the Dominican Republic (BCRD), Héctor Valdez Albizu, received in person the head of mission of the International Monetary Fund (IMF), Esteban Vesperoni, who counted in virtual mode with the members of his work team, which will carry out together an evaluation of the recent performance of the Dominican economy, its macroeconomic projections and the implementation of policies.

Valdez Albizu offered a general overview of the state of the economy of the Dominican Republic with the most relevant data regarding growth, monetary policy, inflation and the behavior of the external sector.

Regarding growth, the governor stated that the Dominican Republic continues its sustained recovery process, highlighting the monthly indicator of economic activity (IMAE) for January-September of 12.7%, influenced by the good performance of sectors with high productive chains such as construction , local manufacturing, free zones and trade“Growth projections for 2021 point to an expansion of more than 10%, which could be around 10.7%,” he estimated.

These positive prospects are supported by the gradual improvement in tourism, since some five million non-resident visitors are expected for the entire year 2021, as well as advances in the national vaccination plan that has managed to inoculate around 77% of the population. adult population with one dose and more than 63% with two doses.

Likewise, the governor highlighted the execution since March 2020 of the broad monetary easing plan worth RD $ 215 billion, approximately 5% of the gross domestic product (GDP), accompanied by a reduction of 150 basis points in the monetary policy rate .

This monetary policy measure contributed to maintaining high levels of liquidity in the financial system, enabling an expansion of private credit in local currency of around 10%. As the economy consolidates its recovery, the Central Bank of the Dominican Republic began in August of this year the gradual and orderly return of the liquidity provided to financial intermediaries during the pandemic, in support of the productive sectors.

Valdez Albizu pointed out that inflationary dynamics has been affected by transitory supply shocks associated with higher prices of oil and other raw materials, as well as the absence of containers and the increase in global freight costs, which have affected imports. He noted that the BCRD forecasting system indicates that inflation would gradually converge to the target range of 4% ± 1% by mid-2022.

Regarding the external sector, the governor affirmed that remittances will exceed US $ 10 billion by the end of 2021 and that foreign direct investment (FDI) flows continue to be high, estimating that they would be around US $ 3 billion for the end of the year.

Likewise, the levels of international reserves remain at historically high levels, estimating that they will close in 2021 close to US $ 12.5 billion, equivalent to 7.2 months of imports and 13.7% of GDP, which exceeds the metrics recommended by the IMF.

Valdez Albizu pointed out that, in the Dominican case, the distribution of the US $ 650 million for the allocation of special drawing rights (SDR) by the IMF, was used to strengthen the international reserves of the Central Bank.

The governor highlighted the great work carried out by the President of the Republic Luis Abinader to promote the different sectors of the economy and achieve their resilience, as well as the transcendental role played in this regard by the country’s private sector.

The head of the IMF mission, who participated in person in the meeting with Frank Fuentes, the Dominican representative before that organization, was virtually accompanied by Pamela Madrid, Hassan Adan, Ben Sutton, Nicolás Fernandez-Arias, Dirk Jan Grolleman, Mario Mansilla and Evelyn Carbajal.

Present with the governor were the lieutenant governor, Clarissa de la Rocha de Torres; the manager, Ervin Novas Bello; the assistant general manager, Frank Montaño; the Deputy Manager of Monetary, Exchange and Financial Policies, Joel Tejeda; the Deputy Manager of National Accounts and Economic Statistics, Ramón González; and the government’s economic advisor, Julio Andújar Sckeker.

Likewise, the director of the Department of Monetary Programming and Economic Studies Joel González; the director of the Department of Regulation and Financial Stability Máximo Rodríguez; the director of the International department Brenda Villanueva; and the director of the Treasury department, Yamileh García Belén.

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