The Central Bank of the Dominican Republic (Spanish: Banco Central de la República Dominicana, BCRD) was established by the Monetary and Banking Law of 1947 as the central bank of the Dominican Republic, responsible for regulating the country's monetary and banking system. The Bank's headquarters is in Santo Domingo, and its current governor is Héctor Valdez Albizu.[3][4]
Central Bank of the Dominican Republic Banco Central de la República Dominicana
Organic Law no. 6142 of December 29, 1962, authorized the central bank to promote and maintain favorable monetary, foreign exchange and credit conditions for the stability and development of the national economy. The central bank's functions include regulating market liquidity levels by: determining deposit reserve requirements for banks; implementing lending limits when necessary; and issuing negotiable securities. Additional functions include controlling movements of the exchange rate and introducing resolutions pertaining to the financial system.
Activities and structureEdit
The BCRD implements all changes to banking regulation proposed by the Monetary Board (Junta Monetaria) which is the highest body of authority within the institution. The Board consists of ten members, all of which are appointed by the executive. The governor of the central bank heads the Monetary Board while the Ministry of Finance and the Ministry of Industry and Commerce each have a seat on the Board. The BCRD Governor is appointed by the executive for a period of two years, though with Héctor Valdez Albizu there has been continuity at this senior post for several years despite political administration changes. Albizu was the BCRD governor from 1994 until 2000, again holding the post from August 2004.
Since late 1993, BCRD has worked with the sponsorship of the Inter-American Development Bank to improve several areas of banking practice.[5]
Performance and reform since the 1990sEdit
Monetary policy during the 1990s was conducted within a framework of limited central bank autonomy and a managed floating exchange rate regime. A key objective of the BCDR was price stability in conjunction with real output growth and reserve accumulation, such that the stock of BCRD net domestic assets became the targeted policy instrument. Liquidity was managed directly through credit controls and freezing asset reserves. BCRD also intervened in the private foreign exchange market, smoothing the volatility of the exchange rate. However, the monetary authorities recently moved towards the interest rate as its indirect monetary policy instrument, namely through issuing central bank paper (certificados de participacion), with prices determined at auction.
The macroeconomic situation suffered a major shock in 2003 with the banking crisis and subsequent bail out by the BCRD, which guaranteed all Baninter (one of the major banks that failed) deposits and providing liquidity to two other banks at a total cost to the budget equivalent to 21 percent of the GDP. The banking crisis led to a major capital flight, a sharp currency depreciation, high inflation and significant fiscal pressures (exacerbated by an ongoing electricity crisis), together creating large macroeconomic imbalances and an environment of uncertainty and perceived risk. In October 2003 the BCRD raised the commission on foreign exchange transactions for purchasing imported goods to 10 percent and subsequently to 13 percent at the beginning of 2005.[6]
Wikimedia Commons has media related to Banco Central de la República Dominicana.
(in Spanish and English)
October 17, 2023
central, bank, dominican, republic, spanish, banco, central, república, dominicana, bcrd, established, monetary, banking, 1947, central, bank, dominican, republic, responsible, regulating, country, monetary, banking, system, bank, headquarters, santo, domingo,. The Central Bank of the Dominican Republic Spanish Banco Central de la Republica Dominicana BCRD was established by the Monetary and Banking Law of 1947 as the central bank of the Dominican Republic responsible for regulating the country s monetary and banking system The Bank s headquarters is in Santo Domingo and its current governor is Hector Valdez Albizu 3 4 Central Bank of the Dominican RepublicBanco Central de la Republica DominicanaCentral Bank of the Dominican RepublicHeadquartersSanto DomingoEstablishedOctober 9 1947 1947 October 09 1 Ownership100 state ownership 2 GovernorHector Valdez AlbizuCentral bank ofDominican RepublicCurrencyDominican pesoDOP ISO 4217 Reserves5 240 million USD 2 Websitewww wbr bancentral wbr gov wbr do Contents 1 Establishment and objectives 2 Activities and structure 3 Performance and reform since the 1990s 4 Governors 5 See also 6 Notes 7 External linksEstablishment and objectives EditOrganic Law no 6142 of December 29 1962 authorized the central bank to promote and maintain favorable monetary foreign exchange and credit conditions for the stability and development of the national economy The central bank s functions include regulating market liquidity levels by determining deposit reserve requirements for banks implementing lending limits when necessary and issuing negotiable securities Additional functions include controlling movements of the exchange rate and introducing resolutions pertaining to the financial system Activities and structure EditThe BCRD implements all changes to banking regulation proposed by the Monetary Board Junta Monetaria which is the highest body of authority within the institution The Board consists of ten members all of which are appointed by the executive The governor of the central bank heads the Monetary Board while the Ministry of Finance and the Ministry of Industry and Commerce each have a seat on the Board The BCRD Governor is appointed by the executive for a period of two years though with Hector Valdez Albizu there has been continuity at this senior post for several years despite political administration changes Albizu was the BCRD governor from 1994 until 2000 again holding the post from August 2004 Since late 1993 BCRD has worked with the sponsorship of the Inter American Development Bank to improve several areas of banking practice 5 Performance and reform since the 1990s EditMonetary policy during the 1990s was conducted within a framework of limited central bank autonomy and a managed floating exchange rate regime A key objective of the BCDR was price stability in conjunction with real output growth and reserve accumulation such that the stock of BCRD net domestic assets became the targeted policy instrument Liquidity was managed directly through credit controls and freezing asset reserves BCRD also intervened in the private foreign exchange market smoothing the volatility of the exchange rate However the monetary authorities recently moved towards the interest rate as its indirect monetary policy instrument namely through issuing central bank paper certificados de participacion with prices determined at auction The macroeconomic situation suffered a major shock in 2003 with the banking crisis and subsequent bail out by the BCRD which guaranteed all Baninter one of the major banks that failed deposits and providing liquidity to two other banks at a total cost to the budget equivalent to 21 percent of the GDP The banking crisis led to a major capital flight a sharp currency depreciation high inflation and significant fiscal pressures exacerbated by an ongoing electricity crisis together creating large macroeconomic imbalances and an environment of uncertainty and perceived risk In October 2003 the BCRD raised the commission on foreign exchange transactions for purchasing imported goods to 10 percent and subsequently to 13 percent at the beginning of 2005 6 Governors EditJesus Maria Troncoso 1947 1951 7 Wenceslao Troncoso 1951 1952 7 Manuel Ruiz Tejada 1952 1953 7 Jose Ernesto Garcia 1953 7 S Salvador Ortiz 1953 1954 7 Jose Joaquin Gomez 1954 1956 7 Milton Messina 1956 1957 7 Arturo Despradel 1957 1958 7 Juan A Morales 1958 7 Virgilio Alvarez Sanchez 1958 1959 7 Oscar G Ginebra Henriquez 1958 1960 7 Manuel V Ramos 1960 1961 7 Silvestre Alba de Moya 1961 7 A Amado Hernandez 1961 1962 7 Jose Joaquin Gomez 1962 1963 7 Diogenes H Fernandez 1963 1976 7 Fernando Periche 1976 1978 7 Eduardo Fernandez 1978 1980 7 Carlos Despradel 1980 1982 7 Bernardo Vega 1982 1984 7 Jose Santos Taveras 1984 7 Hugo Guiliani Cury 1984 1986 7 Luis Julian Perez 1986 1987 7 Roberto Saladin 1987 1989 7 Guillermo Caram 1989 1990 7 Luis F Toral Cordoba 1990 1993 7 Mario Read Vittini 1993 1994 7 Hector Valdez Albizu 1994 2000 7 Francisco Guerrero Prats Ramirez 2000 2003 7 Jose Lois Malkun 2003 2004 7 Hector Valdez Albizu 2004 7 See also EditBanks of the Dominican RepublicNotes Edit Historia www bancentral gov do a b Weidner Jan 2017 The Organisation and Structure of Central Banks PDF Katalog der Deutschen Nationalbibliothek BCRD About CB www bancentral gov do Retrieved 2016 09 10 CBDR About CB www bancentral gov do Retrieved 2016 09 10 The Dominican Republic Banking System Fitch Ratings December 2002 Dominican Republic Review of Trade and Labor Competitiveness World Bank 2005 a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab ac ad ae Gobernadores www bancentral gov do External links Edit nbsp Wikimedia Commons has media related to Banco Central de la Republica Dominicana in Spanish and English Central Bank of the Dominican Republic official site Retrieved from https en wikipedia org w index php title Central Bank of the Dominican Republic amp oldid 1173131306, wikipedia, wiki, book, books, library,
