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Dominican Republic central bank cuts rates by 25 basis points

Banco Central de la República Dominicana on July 30 cut its monetary rate by 25 basis points to 4.75% as it pointed to weaker readings for inflation and sluggish global growth.

The decision marks the monetary body's second consecutive rate cut as it works to combat GDP and inflation readings that have fallen short of its targets.

Monthly inflation for June came at negative 0.18%, bringing the year-over-year reading to 0.92%, below its target range of 4.0% plus or minus 1.0%.

"Separate measures are indicating the absence of inflationary pressures," the bank said in a statement.

Additionally, the regulator trimmed its overnight rate from 3.50% to 3.25% and repo rate from 6.50% to 6.25%. The regulator noted it addressed expansionary measures to foster private credit and to drive GDP growth towards the 5.0% to 5.5% range.