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Dominican Republic central bank leaves key rate unchanged amid low inflation

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Dominican Republic central bank leaves key rate unchanged amid low inflation

Banco Central de la República Dominicana held its monetary policy interest rate steady at 5.50% on Dec. 31, saying that annual inflation is expected to end 2018 at 1.3%.

The central bank said its forecast system indicates that inflation will gradually converge to its target range of between 3% and 5% over the next year.

In the absence of inflationary pressures, local economic activity continues to grow above its potential. According to preliminary estimates, the Dominican Republic's real GDP will expand 7.0% in 2018, driven mainly by growth in investment and private consumption, the bank said.

It added that local currency credit to the country's private sector grew nearly 11.0% year over year in 2018, a result that is in line with the economy's dynamism.

The central bank kept its benchmark rate unchanged at its previous meeting in November as well.