In his speech on occasion of the celebration of the 72nd anniversary of the Central Bank, Central Bank governor Hector Valdez Albizu reported the economy had grown 5.1% in September 2019. He said annualized growth is the highest in Latin America and the Caribbean. Accumulated inflation from January to September 2019 is 2.38% and year-on-year inflation is 2.02%, below the lower limit of the target range of 4.0 % ± 1.0 %.
Foreign direct investment reached US$2.04 million from January to September. By year’s end, it is expected to reach US$2.5 billion.
Valdez Albizu reported that remittances grew 8.8% year-on-year and so far are US$426.6 million more than in September last year.
The Central Bank governor acknowledged the effect of the adverse international scenario and the uncertainty the electoral process is bringing this year to the exchange market. He said, nevertheless, that the accumulated depreciation remains below the average of Latin America, reaching 4.9%.
Valdez Albizu emphasized: “I am aware that recent movements in the exchange market have generated apprehension in some sectors of society. Those who know me know that I have a non-negotiable commitment to exchange stability and that these situations that have arisen, as a result of the political uncertainty I pointed out earlier, will be confronted and resolved in a forceful manner.”
He reported efforts will continue for the implementation of the electronic currency platform.
Valdez Albizu said the Monetary Board had approved the memorandum of understanding signed between the Treasury and the Central Bank for the amendment to the Central Bank Recapitalization Law.
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Banco Central
24 October 2019