Valdez Albizu highlights the stabilizing role of banks

Despite the challenges of globalization, central banks must not lose sight of their essential function of maintaining the stability of internal prices in the economyraised the governor of the Central Bank, Héctor Valdez Albizu, when participating in the V International Congress on Law and Constitutional Justice: Constitutional Law and Globalization, organized by the Constitutional Court (TC).

When dictating the conference entitled “The different functions attributed to central banks. Its role in globalization. The Central Bank of the Dominican Republic Valdez Albizu explained how financial crises, technological globalization and the recent Covid-19 pandemic have represented important challenges for central banksdemanding of these an expanded, active and vigilant role.

“However, he considered that even in this challenging environment at a global level, it is important not to lose sight of the essence of the function of the Central Banks, which is to maintain the stability of the internal prices of the economy, a function that must remain clear and immutable, as a guarantee of stability and growth.

To the keep prices of the stable economy is provided certainty to economic agents to optimally and efficiently allocate economic resources”, said the speaker, when participating in the opening day of the congress.

price stability
Valdez Albizu pointed out that this attribution is established in article 228 of the Dominican Constitution, which establishes that the Central Bank is the only institution that issues bills and coins of national circulation, with the main purpose of ensuring price stability.

Article 227 orders the Monetary Board to apply monetary policies.

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