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Central banker: foreign currency reserves reach record US$5.27B

Santo Domingo.- Central banker Hector Valdez Albizu on Wednesday said the Central Bank´s foreign currency reserves have reached a record US$5.27 billion, noting that the figure would cushion any impact from an unexpected flight of funds or adverse balance of payments.

He said the amount also helps maintain and promote confidence in the economy and on the local currency´s value, allowing it to deal with possible unwanted fluctuations in the exchange rate and help ensure the economy´s price stability.

Valdez said the accumulated international reserves reached a record US$5.27 billion, with net international reserves of US$5.19 billion and US$3.2 million in liquid international reserves, or US$404.3 million, US$544.6 million and US$314.4 million more respectively, compared with 2014.

“This equals the levels of gross international reserves reached during 3.6 months of imports, which exceeds the projection in the monetary program and the recommendations of the IMF to maintain a minimum required equivalent to three months of imports reserves,” the official said.

“For these reasons, international agencies and investors as well as international rating agencies such as Moody’s, Standard & Poor’s and Fitch, grant in a  special manner a high evaluation for the levels of International reserves to assign it a country-risk level classification of sovereign debt and the levels of credit levels of a nation,” Valdez said.

Source: DT

Jan 13, 2016

Category: DR News |

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Last updated October 24, 2016 at 6:05 PM
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