The Financial and Monetary Administration of Dominican Republic consists of the Monetary Board, the Central Bank and the Superintendency of Banks, being the Monetary Board the main organism in both entities. The Financial and Monetary Administration enjoys functional , organizational and budget autonomy, to comply with duties established in Law Num. 183-02 of November 21st., 2002.

The attributions entrusted to the Financial and Monetary Administration by Law 183-02 are unrenounceable and may only be excersized by this entity, persuant to this Law. The Financial and Monetary Administration will only be able to act upon matters which this Law entrusts.

The Central Bank of the Dominican Republic was created on October 9th, 1947, in accordance with Statutory Law No. 1529. It commenced operations on October 23rd of the same year, serving as a decentralized and independent organization. At present, it is governed by the Monetary and Financial Law. The Central Bank is ruled by the Monetary Board.

To guarantee the stability of prices, the appropriate regulation of the financial system and the suitable operation of the payment systems, acting as the issuer and executor of the monetary and exchange, in agreement with the duties conferred this institution by the constitution and the law.

The Central Bank of the Dominican Republic will be an institution with total operational and financial autonomy, endowed with a suitable organizational structure, equipped with qualified human resources, committed to fulfill its mission with efficiency, ethics and transparency.

The main functions of Central Bank of the Dominican Republic:

• To execute the monetary and exchange policies, in accordance with the Monetary Program approved by the Monetary Board and exclusively by the use of the instruments established within the Monetary and Financial Law.
• To issue bills and coins.
• To compile and elaborate the statistics of the payment balance, the monetary, real and financial sector and others that may be necessary to fulfill its functions.
• To efficiently manage the country’s international reserve, in order to preserve its security, to ensure a suitable liquidity and at the same time establish its efficient profitability.
• To manage the Contingency Fund established by the Monetary and Financial Law, as well as the Bank Consolidation Fund established by the Systemic Risk Law.
• The supervision and final liquidation of the payment systems as well as of the interbank market.
• To propose regulatory projects to the Monetary Board related to the monetary, foreign exchange, and financial spheres.
• To undertake a comprehensive analysis of the Dominican financial system, estimating its level of systemic risk, and designing and proposing the regulatory measures to be derived from this analysis and estimate.
• To impose penalties for deficiency complying with the mandatory bank reserve, breach of the operative norms of the payment systems or other sanctions established within the Monetary and Financial Law.
• To offset any inflationary tendency.
• To regulate the national financial system by the established guarantees and limitations.
• To promote the liquidity and solvency of the Nation’s banking system.
• To create the conditions to maintain the external value and convertibility of the Nation’s currency.
• To undertake foreign exchange operations in accordance with applicable laws and/or the resolutions issued by the Monetary Board to such effect.
• To undertake other functions as may be ascribed according to the Law.

Useful links

Currency of Dominican Republic:

Dominican peso

List of Central Banks:

Central Banks

Official website of Central Bank of the Dominican Republic:

www.bancentral.gov.do

Superintendency of Banks of the Dominican Republic:

www.sb.gob.do

Ministry of Finance of the Dominican Republic:

www.hacienda.gov.do