Santo Domingo – The Central Bank of the Dominican Republic (BCRD) announced that, as of Tuesday, November 10, it will inject US$200 million into the foreign exchange market, in addition to its usual participation in its electronic forex trading platform.
According to the BCRD, this measure aims at the timely availability of dollars to meet the demands of the productive sectors in the last months of the year, i. e. for priority activities that produce or market medical supplies, food, customer goods, as well as for the purchase of raw fabrics for the industry.
Similarly, the Central Bank reiterates that it remains proactive in the foreign exchange market in the face of the revival of economic activity to protect the desired currencies in anticipation of the new call that occurs regularly at this time of year when economic operators the advertising sector wants currencies to fill their stocks in anticipation of the Christmas period.
It is imperative to note that the Central Bank has a foreign reserve point of more than US$9. 7 billion, or about 13% of gross domestic product (GDP) and 6-month import coverage, exceeding the thresholds of 10% of GDP and 3 months of imports through the International Monetary Fund (IMF).
“These degrees of foreign reserves show a strong position to deal with adverse shocks and ensure that foreign exchange-seeking sectors operate without primary declines, especially a slow recovery in domestic demand,” he says.
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