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US$20 million to fight inflation The Central Bank of the Dominican Republic began the placement of some $20 million dollars in the banking system, in an attempt to slow the devaluation of the DR peso against the US dollar. This brings the total movement from the Central Bank to some $520 millions of dollars in an attempt to stop the devaluation of the peso. The bank will use the exchange system and the currency forwarders to funnel the money into the Dominican banking system, and the Central Bank hopes that this move will lower the dollar-peso ratio to below 19:1. On Friday the dollar was being quoted at RD$19.40 and RD$19.50 in the exchange system. Augusto Peignand, president of the Dominican Association of Exchange Agents, offered this information at a news conference, saying that the placement of the new funds was an additional measure taken by the Central Bank in an effort to stem the inflationary pressures caused by the lifting of loan restrictions in the commercial banking system (See Friday’s news). This measure places some RD$3 billion pesos in the banks, although sources said that only some RD$500 million could be used for loans. | |||
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Bishops and the Electoral Board The declarations that were given by several individual bishops of the Catholic church with regard to the composition of the Central Electoral Board, took a more unified position yesterday, when the Permanent Council of the Dominican Conference of Bishops released a document in favor of what they call an “ample representation of the different tendencies of the Dominican people.” In the opinion of the bishops, this would “give a larger guarantee of credibility and confidence by the Dominican people when the board decides the elections and when they give their verdict.” The bishops are not questioning the constitutionality of the Senate’s decision, “but it is also clear that this kind of authority and power must be open to the voices of society and the citizenry that elected them and gave them these rights and powers.” President Hipolito Mejia said in an interview, yesterday, that he was in agreement that this should be talked about as much as necessary, but he said, that for his government, “this case is closed.” | |||
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Time for New Tariffs The Dominican Republic has until tomorrow to declare the new tariffs on some of the sensitive products within the realm of the new Americas Free Trade Accords. The steward of the National Commission on Trade Negotiations, Santiago Tejada, assured the press that everything was ready for presentation to the committee that was negotiating the new treaty. Nevertheless, he said that before he could send the new tariffs to the committee, a law that was in Congress had to be passed. He said that the country has until midnight tomorrow to fix the tariffs and send them to the committee. In case the law is not passed in the Congress, the Dominican Republic will submit the current tariffs. The DR is obligated to submit its suggestions for tariff reductions on agricultural products, goods and services, as well as public sector purchases. This is supposed to allow the national industry to compete with other markets. According to Miguel Ceara, an expert on commercial accords and integration, if the new suggestions are not presented within the stated time period, the DR will be included within the Americas Accord in a less than favorable position. | |||
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Mejia gets tough with Congress President Hipolito Mejia stated yesterday that he will use any means necessary, including government by decree, to avoid allowing the opposition’s discontent over the election of the judges of the Central Electoral Board paralyze the country. The President insisted that he would not pay the congressmen that fulfilled their threat of not assisting and functions of the legislature. Mr. Mejia then reminded everyone that the then president Leonel Fernandez “kept the Central Electoral Board without one cent for four months.” Mejia was categorical in pointing out that he would not allow the country to be paralyzed by the opposition parties. “When I have to do some project, I will go at it with decrees”, stated the President in his interview on the program Once a Week, on the state-owned Channel 4. The President also reiterated his opinion that the leader of the opposition PLD party, Jose Tomas Perez, was “prudent and measured” in his actions. | |||
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RD and USA fight Corruption The governments of the Dominican Republic and the United States have begun an automatic tracking program in order to assist in preventing corruption, money laundering and illegal use of goods confiscated from drug traffickers. This joint action is part of a program of financial and technical assistance that the American government is carrying out to assist the Dominican government fight corruption. According to a report presented to the House Subcommittee on Western Hemisphere Affairs by the executive assistant to the Secretary of State, Paul Simons, since last year the US has donated $400,000 to help in tracking confiscated goods; $100,000 to use against money laundering; $900,000for automatic tracking of known criminals. The report points out that the assistance to the Dominican Republic to fight and avoid corruption, drug trafficking and money laundering, has been channeled through the United States Agency for International Development (USAID), the International Narcotics and Law Enforcement Bureau, the Department of Justice and the United nations Program for Drug Control. | |||
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DR has Spanish footprints all over In an article by Kleiner Lopez in today’s Listin Diario, the reporter says that the Dominican Republic is well marked by its Spanish heritage. He says that “behind the ear of the Dominican is not only the Black, but also the Spaniard”. The Spaniard’s mark in indelible, because it forms an intrinsic part of the culture, the idiosyncrasies and the way of thinking of those that have been born in the country. Looking back, facing 510 years of the past, taking as a point of departure the arrival of Columbus to the New World, and analyzing what has happened since then, doesn’t do anything but confirm the predominant role of Spanish influence in this society. A presence that has split into a thousand roads, without any regard for social class, nor historic era and that today still continues its presence. From the custom of speaking loudly to the taste for soups; from the painter’s easel to the construction of houses with red tile roofs; from stopping along the way “to eat something” while on trips to the countryside to the passion for good trouvadors, Spain’s heart can be felt in the character and the customs of the Dominican people. The sociologist and anthropologist, Delia Blanco said: “No Dominican thinks that because Spain is the Motherland, he is a s.o.b..” She also points out that poor Spanish manners have also stuck to the Dominican culture. “Talking loudly, clapping to get a waiter’s attention, calling to people: “Psst!…Oye, tú….ven acá “… is profoundly low class speech from the barrios of Madrid. She says that: No Frenchman would think of stopping once or twice on a trip of an hour and a quarter, say from Santo Domingo to La Romana, to eat something.” | |||
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Punta Cana is safest airport The Listin Diario reports that the airport at Punta Cana is the safest in the Caribbean. According to the report, the airport at Punta Cana has been cited as one of the safest terminals in all of the Caribbean due to the advanced technology and the qualifications of the security personnel that manage the airport. Francisco Alba, director of the terminal, said that Punta Cana is the only airport in the country with several certificates that were granted by different security agencies, including the FAA of the United States. | |||
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Electrical bill to be looked at The Superintendent of Electricity called on the consumers to present their complaints to the offices of the distributors (EDE ESTE and EDE SUR), especially if their bills show an increase of over 107.7%, if there was no increase in consumption. The regulating organization of electricity said that in case the distributors do not pay attention or that the clients are not satisfied, they can go to the Office of Consumer protection. | |||
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