Investment bank J.P. Morgan interested in expanding business in DR

Investment bank J.P. Morgan interested in expanding its business in the DR

The Governor of the Central Bank of the Dominican Republic (BCRD), Héctor Valdez Albizu, received a delegation from the investment bank J.P. Morgan, in order to review progress on strategic issues aimed at developing local financial markets and strengthening the tools available to the Central Bank to achieve its objectives.

J.P. Morgan reiterated its interest in continuing to develop a long-term relationship in the country.

The Dominican Republic is one of the economies that exhibits the best macroeconomic fundamentals in the region, making it more attractive to investors, said the Central Bank in a press release.

It added that the delegation also indicated its interest in being part of the development of innovative solutions and products that will continue to enhance the development of the Dominican Republic’s financial markets.

J.P. Morgan expressed that “the risk mitigation mechanisms we employ in every transaction, along with our respect for the history and reputation of the Central Bank”, gives them the peace of mind to continue fostering the development of a successful long-term relationship with the country.

J.P. Morgan is the leading global investment bank, with the largest market share among its peers.

Governor Valdez Albizu highlighted the macroeconomic stability prevailing in the country, the strength of its financial system, the exchange rate stability and the high levels of international reserves, together with its legal security and the climate of social peace. In this context, the role of the Central Bank has been to bring certainty to economic agents and the general public.

He indicated that the Dominican economy has maintained a good performance by registering an average expansion of 5.6% in the monthly indicator of economic activity (IMAE) during January-May 2022.

He also noted that, despite the current international context of uncertainty, the Dominican economy has proven to be resilient in the face of adverse shocks, which is why it is expected to grow around 5.0% by the end of 2022, close to its potential growth.

The J.P. Morgan delegation included executives Rob Cozzari, Geraldo Guanaes and Eugenio Alarcón.

The Governor of the Central Bank was accompanied by Manager Ervin Novas Bello; Deputy General Manager Frank Montaño; Deputy Manager of Monetary, Exchange and Financial Policies, Joel Tejeda; Director of the Treasury Department, Yamileh García Belén; and Treasury Department consultants José Gabriel Perdomo, Liselotte Reyes and José Eduardo Agramonte.

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