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Dominican Republic central bank holds benchmark rate steady at 5.25%

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Dominican Republic central bank holds benchmark rate steady at 5.25%

Banco Central de la República Dominicana on Jan. 31 decided to maintain its benchmark interest rate at 5.25%, as it did in the last meeting, projecting inflation to stay within range and economic growth to improve by 2018.

The central bank said monthly inflation in December 2017 reached 0.97% and year-on-year inflation stood at 4.20%, in line with the bank's target range of 4.0%, plus or minus 1.0%. Year-on-year core inflation was 2.36%.

Initial data from its monthly economic activity indicator indicated a growth of 7.4% in December 2017 and an accumulated expansion of 4.6% for the year 2017. The Dominican economy is projected to grow around 5.5% in 2018.

Banco Central de la República Dominicana said the forecast was based on further growth in the U.S., the country's main trading partner, and "dynamism" of credit at the domestic level.

"Macroeconomic models indicate that growth could be even higher at the end of the year, approaching 6.0%," the regulator said.