Caribbean & Central America - September 2024

DOMINICAN REPUBLIC | Interest rates cut. On 29 August the Dominican Republic’s central bank (BCRD) lowered its benchmark interest rate by 25 basis points, to 6.75% from 7.00%. This is the first cut in interest rates since end November 2023. A BCRD statement said that the decision owes to the “recent evolution of the global scenario, particularly the expectations regarding more flexibility regarding international financial conditions”. It also highlights the strong development of the domestic economy, with 4.8% year-on-year growth in July and GDP growth of 5% expected for 2024. Inflation, which was 3.90% in July in annual terms, has remained within its target range of 4.0% +/-1.0.

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