Spanish
The Association of Multiple Banks of the Dominican Republic (ABA) stated that the recent provisions of the Monetary Board help to guarantee the relative stability of the exchange rate, extending practices currently implemented by banking entities to all players in the foreign exchange market, with its corresponding regime of consequences.
The ABA stated that the culture of compliance, transparency, and accountability of the Dominican multiple banking system is very robust and has a long history, which encompasses not only the regulation and supervision of monetary and financial authorities, but also rigorous external audits, evaluations by risk rating firms and entities with which there is a correspondent relationship with international banks.
He clarified that a large part of the measures included in the new Exchange Regulation were already in application, as a result of the Monetary Board issuing its Second Resolution on March 24, 2025, with modifications regarding the exchange position and variability.
"We welcome the fact that this scheme of strength in reporting and transparency that financial intermediaries have implemented is incorporated and generalized to all actors in the foreign exchange market, on equal terms," added the banking association.
In a press document, the ABA stated that the sector supports this and all those provisions that contribute to boosting macroeconomic stability and guaranteeing the relative stability of the exchange rate, a position that is manifested not only verbally, but also with the constant and fluid collaboration with the authorities in the promotion of best practices.
In this regard, he considered that the regulation contains healthy measures, whose potential effect benefits the growth of the productive sectors and households. "For bank credit to the private sector to continue being a catalyst for growth, there must be a climate of trust, certainty and stability," he said.
The Banks Association reiterated its recognition of the high credibility of the Governor of the Central Bank and other monetary and financial authorities, highlighting their commitment to maintaining that space of trust and tranquility, which it described as one of the main pillars of macroeconomic stability and the progress of the country.
