Diplomatic corps visits the governor of the Central Bank to learn about economic performance

The governor of central bankHéctor Valdez Albizu, received a visit from accredited ambassadors in the countrywho, at the initiative of the tourist entrepreneur Frank Rainieriinterim dean of the diplomatic corps and extraordinary and plenipotentiary ambassador of the Sovereign Order of Malta in the DR, to whom he offered data on the performance of the Dominican economy and its prospects for 2023.

Valdez Albizu began by informing them that the country reached a growth of 4.9% in 2022, one of the highest in Latin America, driven by the strength of domestic demand and the tourism, financial and free zone sectors; as well as high flows of foreign direct investment (FDI).

He indicated that the activity with the greatest contribution to growth in 2022 it was hotels, bars and restaurants, registering a year-on-year expansion of 24.0%.

He stated that “the dynamism of tourism was fundamentally driven by the arrival of 8.5 million non-resident visitors during 2002, of which 7.2 million tourists arrived by air and 1.3 million by cruise ships, generating more than US$ to the economy. $8,400 million during the year”.

He also indicated that “The flows received through family remittances for almost US0 billion were very important and by foreign direct investment, which exceeded US$4 billion during the year 2022”.

Valdez Albizu explained that the results obtained in FDI are based on three essential foundations: the social peace perceived by investors, the high level of transparency exercised in the institutions and the degree of certainty projected by the Dominican Republic.

Regarding the most recent results, the monthly indicator of economic activity (IMAE) registered a year-on-year growth of 2.1% in March 2023, higher than the expansions of 1.8% in February and 0.4% in January.

Average growth during the first quarter was 1.4%, reflecting the expected moderation of domestic demand and the deterioration of the international environment in a context of greater uncertainty.

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Valdez Albizu revealed that “tourism has remained the tip of economic growthreflected in a growth of the hotels, bars and restaurants sector of 14.2% during the first quarter of the year and in the arrival of more than 3.7 million visitors during the first four months of the year, according to figures recently announced by the Ministry of Tourism .

The prospects for the sector remain favourable, estimating that some 10 million visitors by air and cruises would be reached during the year 2023”.


According to BCRD projections, economic activity is expected to maintain its gradual recovery rate for the rest of the year, reaching growth of 4.2% by the end of 2023.

This is supported by the resilience of the productive sectors and a well diversified economic structure. In that way, the The DR would remain one of the fastest growing countries in Latin America during the present year.

Valdez Albizu indicated that monetary restriction measures have contributed to reducing inflationary pressures. In this sense, “inflation has been reduced from a maximum of 9.64% in April 2022 to 5.15% in April 2023, that is, 449 basis points, expecting a convergence to the target range of 4% ± 1% at the end of the second quarter of this year.

He pointed out that the Central Bank has gone on hiatus for the last 6 months in the adjustments of the monetary policy rate considering the advances achieved in moderating inflationary pressures.

Likewise, the governor highlighted the good performance of the domestic financial system, reflected in high solvency and profitability indicators, as well as low delinquency rates.

Ambassador Frank Rainieri expressed his appreciation on behalf of the large diplomatic representation for the information provided, the warm welcome given, and the willingness of the BCRD to open all communication channels necessary to increase trade and investment ties.

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