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Santo Domingo.- In 2024, the economy of the Dominican Republic grew by 5%, in line with the projections of the Central Bank and the Government, which reinforces its position as leader in Latin America among the 17 largest economies. Inflation remained within the target range of 4%± 1%, closing the year at 3.35%, the lowest in six years.
The tourism sector saw 11.2 million visitors, with 8.5 million arriving by air and around 2.6 million per cruise. The Central Bank continued to reduce its monetary policy rate, which reduced it by 275 basic points from May 2023 to 5.75%. In addition, the Monetary Board approved the release of approximately RD $ 35,000 million in legal reserve resources, providing liquidity to the financial system.
Private sector credit grew by 13.4%, while remittances reached a historic US $ 10,756 million, an increase of 5.9%. Foreign direct investment (FDI) totaled US $ 4,512 million, exceeding US $ 4,000 million for the third consecutive year. Preliminary data showed foreign currency gains of US $ 43,500 million, with a depreciation of 5.0% of the Dominican weight, lower than in other regional economies. International reserves reached US $ 13,388 million at the end of the year, exceeding the conventional metrics of the International Monetary Fund.