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Caribbean & Central America - September 2013 (ISSN 1741-4458)
DOMINICAN REPUBLIC: Seeking to arrest the rising dollar
As everywhere else in Latin America, the Dominican Republic (DR) has had to adapt to the strengthening of the US dollar in recent weeks. The sudden appreciation of the dollar in international markets following the US Federal Reserve (Fed)’s announcement that it will phase out ‘Quantitative Easing’ has wreaked havoc across the region, which had become accustomed to a more favourable exchange rate. This has created problems for regional policymakers who are now seeking to manage the unexpected jump in the exchange rate without impeding the still tentative economic recovery in their domestic economies. While in some places the reaction has been at best hesitant and cautious, the DR’s central bank (BCRD) has responded with bold and decisive measures.
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