III. Errores & Omisiones

If what you say is true.... Divided among 9,000,000 Dominicans, that calculates to a "disappearance of about US$140 for every Dominican man, woman and child. And all of that in only 9 months.

mondongo said:

The Errors and Omissions in the DR Central Bank statement is a whopping 15% of imports/exports. They cannot account for US$1.2Billion that flowed into the DR....and this is just in the first 9 months of 2003 ... US$1.26Billion just......DISAPPEARED!!

Click to expand...

Now that's what I call arbitrage! I'm in the wrong business!

mondongo

What made you go looking for that?

If it was just stumbled upon, and off-the-cuff, and just a sincere interest, you're brilliant.

I think you should consider writing a story to some of the local papers about it, get it out there.

Or perhaps even better, write the story for DR1News and then forward a copy to the local outlets.

You could make it really hurt by doing an in-depth analysis of what $140 could do for "X" family; how much bread, meat, supplies, medicine etc. could be had with that.

It seems to me that this could be a huge zinger if properly applied.

Good work.

OOOOOooooooBoy!!!!!!
That suggestion, if carried out would Certainly add fuel to the fire!!!
????is, who, of those who read about it, would come up with the correct answer of 2+2?????? HMMMmmmmmm???
Texas Bill

We covered this in the news a few months back.

Come on guy's, it's only US$1.2 billion, what's all the fuss?
I'm sure it went to a very worthy cause. New boats, planes, cars, houses etc.

As far as I can remember, this has not been covered again since it was revealed by the local press. I wonder why?

Dated 31 March 2003. Found typing in Errors and Ommissions into the DR1 News Archives (premium service -- costs US$12 for the year). There could be others on the subject.

Capital wanes due to lack of confidence
Former governor of the Central Bank and ambassador in Washington, Bernardo Vega, presents arguments in an article in El Caribe today, writing that the International Monetary Fund estimates that from 2001 to 2002 the external shocks which affected the growth of tourism, remittances and exports cut revenues by US$1.9 billion. He argues that the country would have been better able to confront the external shocks if it had not placed US$1.1 billion in sovereign bonds, borrowed from foreign banks ?for multiple projects of doubtful yield? and had not increased the government?s staff by 44,000 in its first two years._
Vega says that the Mej?a government?s actions has resulted in a flight of capital from the country that he estimates very similar to the US$1.1 billion in sovereign-bond money. He says that the errors and ommissions chapter of the balance of payments shows evidence of the capital flight amounting to US$854 million from January to September alone._
Vega asserts that the government did not remove the first US$500 million generated by the sovereign bonds from circulation, instead using it to fund public works in time for the May 2002 congressional elections. Vega says that real growth in the DR is motorized by local investment, which dropped significantly as local investors lost confidence in the government?s management of the economy, and is reflected by the exodus of capital and the loss of jobs. He argues that if the government would have removed the sovereign bond money from circulation, the depreciation of the peso would have been much less than that which has resulted from the expansive policies of the government that overheated the economy at a time of significant external shocks._

Well, it looks like "Pork Barrel" Politics have resulted in the skinniest Porkeys of all.

I'm not surprised, since this place has the narrowist hipped Porkies I've ever seen!
No Meat on the bones! just like the economy!

Texas Bill
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The note does refer to the errors and ommissions dragged from 2002. Your note now updates the amount to 2003 numbers.

You would have to contact Bernardo Vega for the original in Spanish. You could write to him through elcaribe.com.do

If he doesn't respond, pm me and I will look for his direct email.