SANTO DOMINGO – The Dominican Republic's Association of Multiple Banks (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 their corresponding regime of consequences.
The entity stated that the culture of compliance, transparency and accountability of the Dominican multiple banking sector 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 it has 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, following the Monetary Board's issuance of its Second Resolution on March 24, 2025, with modifications regarding the exchange rate position and variability.
"We welcome the fact that this scheme of strength in reporting and transparency implemented by financial intermediaries is being incorporated and generalized to all actors in the foreign exchange market, on equal terms," the banking association added.
In a press release, the ABA stated that the sector supports this and all provisions that contribute to promoting macroeconomic stability and ensuring the relative stability of the exchange rate, a position that is manifested not only verbally, but also through constant and fluid collaboration with the authorities in promoting best practices.
In this regard, he considered the regulations to contain sound measures, whose potential effect benefits the growth of 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 stated.
The Banking 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 this space of trust and tranquility, which it described as one of the main pillars of macroeconomic stability and the progress of the country.
