A process for producing polycarbonate comprising: a) contacting a dialkyl carbonate with a dihydroxy compound in an oligomerization zone in the presence of an oligomerization catalyst under oligomerization conditions to form a first intermediate; and b) contacting the first intermediate with a diaryl carbonate in a polymerization zone in the presence of a polymerization catalyst under polymerization conditions to produce the polycarbonate wherein the molar ratio of dihydroxy compound to dialkyl carbonate in the oligomerization zone is at least 2:1.