Are you an EPFL student looking for a semester project?
Work with us on data science and visualisation projects, and deploy your project as an app on top of Graph Search.
Concept
Central Bank of the Dominican Republic
Summary
The Central Bank of the Dominican Republic (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.
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.
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.
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.
About this result
This page is automatically generated and may contain information that is not correct, complete, up-to-date, or relevant to your search query. The same applies to every other page on this website. Please make sure to verify the information with EPFL's official sources.