FINALIST OF THE YEAR
In a time of turmoil, the Central Bank of the Dominican Republic looked to its project management office to help stabilize the economy.
BY TEGAN JONES n PORTRAITS BY ROBERTO MUÑOZ
tability sets the stage for prosperity. With-
out reliable prices and a stable currency, a
country’s economy will be stunted by skit-
tish investors and consumers. Even before
the recent global recession, the Dominican
Republic’s economy was mired in chaos. The
annual inflation rate soared as high as 49
percent. Interest rates on Central Bank of the
Dominican Republic (CBDR) bonds hit 35
percent. And the Dominican peso’s exchange
rate fluctuated wildly, rarely to the benefit of the country’s consumers.
To fulfill its mission of delivering financial stability to businesses and the
country’s 10 million residents, the CBDR created a four-year strategic plan
in 2006. Chief among its goals: lower inflation and bolster the value of the
peso to protect Dominican consumers’ purchasing power.
But a plan is only as good as its execution. Convinced that the bank’s
performance hinged on choosing projects aligned to the strategy and then
executing them through standardized processes, CBDR leaders approved
the creation of a project management office (PMO).
From left: Joel Tejeda, deputy manager, monetary,
financial and exchange rate policies; Fabiola
Herrera, payments systems department director;
Eunice Duran, PMP, technical consultant for the
planning and budget department; and Luis José
Bourget, planning and budget department director