DR Banks

[NALs]

Bushbaby...

I tend to type quite fast (about as fast as I think) and as such, I usually get caught up in the moment and generalize, which by the way is a feature of the landscape in this board, not that it's alway a bad thing. But, I must say that not all DR1ers blow things out of proportion, but enough to give all DR1ers a bad rep.

By the way, its not that I have alot of free time (though my free time varies from day to day) but, I just type fast. That's why I give complete made for novels opinions on this board. If you have been following my posts, you'll notice that most are long posts, well that's why.

By the way, now all of you know how a dominican feels when people generalize flawness in Dominican society, when we know that its not all true, but many DR1ers make it seem so. I will not apologize because an apology is about being fair, it would only be fair if all other DR1ers that have generalized a specific aspect to apologize also, and that makes one heck of a chunck of the DR roster! But, I will reword my comments next time to not offend anyone, even though many times I'm offended by the degredation of the Dominican spirit that's sometimes imposed here. I know the negatives can't be denied of a society, but please, DON'T GENERALIZE!

And about the laughing part of the DR1. You are going to tell me that every time you log into DR1 and read a few threads, that not one cracks you up? There has not been one time that I have come to DR1 and not cracked up with some of the threads here. In fact, that's one of the motivators for me to come to this board day in, day out! The reason for the success of DR1 is simply because it is the best site in the net for dominican issues, and that is what attract first timers. But what keeps them hanging around, has to be laughs! It has to be!

 

[deelt]

granted, I could be wrong...

But I have had my comments edited by Robert and he made note of it in the edited email. I don't mind that. I have also witnessed the disappearance of emails, very quickly, from a thread. This suggests to me that while all threads are not followed closely, some are. Those "hot" threads will also typically have onsite moderators depending on the speed and time of thread growth.

I would love to not take what happened personally since there could have been an attached virus, a computer fluke, or something, but I saw my posts posted. I also have continued to post without a problem. Thus, even if I try to look at the incident through rose-colored glasses, it sometimes gets foggy inside.

To keep on topic:
Is it any different with bank deposits? I really don't think so. I think it depends on who you are and who you know.

Peace
D

I think you all read way too much into it. I have been on this board for a long time...if you think anyone has enough time to read every single post, maybe you should sign up for the job.? Don't mean to sound harsh, but if no one reports bad posts to the moderator, what makes you think anyone has even read it? Thus, these unread posts go uncensored. Just my thoughts, could be wrong here...

 

[BushBaby]

I tend to type quite fast (about as fast as I think) and as such, I usually get caught up in the moment and generalize, which by the way is a feature of the landscape in this board, not that it's alway a bad thing. But, I must say that not all DR1ers blow things out of proportion, but enough to give all DR1ers a bad rep.

By the way, its not that I have alot of free time (though my free time varies from day to day) but, I just type fast. That's why I give complete made for novels opinions on this board. If you have been following my posts, you'll notice that most are long posts, well that's why.

By the way, now all of you know how a dominican feels when people generalize flawness in Dominican society, when we know that its not all true, but many DR1ers make it seem so. I will not apologize because an apology is about being fair, it would only be fair if all other DR1ers that have generalized a specific aspect to apologize also, and that makes one heck of a chunck of the DR roster! But, I will reword my comments next time to not offend anyone, even though many times I'm offended by the degredation of the Dominican spirit that's sometimes imposed here. I know the negatives can't be denied of a society, but please, DON'T GENERALIZE!] end Quote.

Herewith a suggestion for you Nal0whs, Slow down on your typing!!! It might give you time to choose your words more carefully & give your BRAIN time to think!!!

To correct you, an apology is NOT about fairness, it is about being WRONG. When I am wrong I apologise no matter whether it is fair or not. I accept that it is a trait of most Dominicans that they are never wrong (look at Hipolito, the Diputados, Senators & all points south of them, always blaming someone else for THEIR mistakes & bad decisions) & there would be a loss of face if an apology were given, but it is NOT correct for you, a Dominican unlike most others, to hide behind that trait!! I am sure that if you stop typing for a minute, you will agree with this premise!!!

Back to topic.
The Dominican economy is suffering and suffering BADLY as a result of decisions made by this present administration. Things are likely to get worse before they get better. I have 99% of my money tied up in US $ CD's here the interst on which I draw monthly. I am at the moment content to leave the capital in place, but check DAILY the shennanigans of the PRD/PPH to make sure that they are not going to interfere with my capital in any way!! Money CAN be safe here if you look around & choose the right investment environment, ... BUT, .............. You HAVE to be CAREFUL & choose wisely!! Do NOT expect the same security in DR Banks that you would expect from European, Canadian & USA banks - it just ain't there!!!!

Coralitos COULD come, Nationalisation could happen (most unlikely for reasons mentioned above) & the Bank chosen COULD go down due to Government interference (BanInter through Government fraud, BanCredito & Mercantil through Government bad decisions/hoarding of US $'s). Do NOT save in RD Pesos at the moment, it is still falling & is likely to continue at RD $42 or MORE to the US $ for another 12 - 18 months in my opinion! I do not intend changing MY portfolio for at least the next 9 - 12 months!!

Hope this puts a sane & reasoned argument to the original poster!! - Grahame.

 

[marymack]

Nalowhs,
Are you Dominican? If so, are you mulitracial, white or black? Just curious.

 

[NALs]

1. I am a Dominican (I guess that according to BushBaby, that would be the reason why I am not apologizing, eventhough I did nothing wrong, because if I did, I would not have done it in the first place!, but lets leave it at that to avoid this thread from being hijacked beyone the point it already is, however I would love to start something in the debates incase anyone wants to express their opinions, which they are free to do so!)

2. I am white with family last names including grand parents ranging from Olivares, Lantigua, Garcia and Roque among others, but those are the most prominent.

3. Why exactly does it matter if I'm Dominican or not, White or Black or Mixed, or anything? None of that have an impact on my decisions given the fact that I am a college educated person that can and do try to have discussions in a very civilize manner.

Also, apologizing is about being fair. When a person recognizes or makes the other person think they you were wrong, you're doing that in an attempt of being fair in such situation. Every time a person says to me "I'm sorry", that just makes me sick. What are they sorry about, if they were truly sorry they would never have done what they did! Talk is cheap and saying sorry is the cheapest that it can get! The key is that if you're about to do something that you know is wrong, DON'T DO IT! Everything that I post tends to be right from my perspective because I base everything on observations, general implications, general assumptions, and to balance things out personal research. Yes, I do research! That way when I put my ideas forward, I know exactly what I am saying and exactly why I believe in what I said, otherwise I won't put it out, as simple as that! And I'm not angry (I don't believe that there is anything in this world worth losing one's calmness over, life is short and I'll live it as nice as I possibly can), and I'm not trying to impose my belief on anyone else. I am simply exposing my feelings towards a particular issue. If you like it, fine go with it. If you don't, read the next post, because regardless how much discussions are created, deep down inside everybody believes that he/she are right, even if in the surface they are giving opposite signs of things! I don't like to be a hypocrite (and I'm not calling anyone a Hypocrite by the way), that's why when I fully understand something and have an opinion on it, I simply tell everyone! If I know that I am wrong or if I am not 100% sure, I will not say one word. That's who I am. Now please people, those of you in the DR, get a Presidente, sit under a palm tree and enjoy the good life. Those in the U.S., put a merengue or bachata cd in the radio, get your favorite drink, and happy dreams of a beautiful paradise called La Republica Dominicana! Life is too short to make it unpleasant!

 

[URock]

Hang on here......

Now please people, those of you in the DR, get a Presidente, sit under a palm tree and enjoy the good life. Those in the U.S., put a merengue or bachata cd in the radio, get your favorite drink, and happy dreams of a beautiful paradise called La Republica Dominicana! Life is too short to make it unpleasant!

What about us Canada folk....... should we just hop in a snowsuit and jump in our igloos? Of course with a cuba libre!

Your right about life being too short. Might as well make it one big PARTY!!!!

 

[BushBaby]

Sorry Scott, just one more comment & then I'll leave this subject totally!

Re Nal0whs last comment ........... I REST MY CASE!!! Condemned by his own words!! - Grahame.

 

[dawnwil]

auction certificates

Dawnwil, just over a year ago the Central Bank announced (with support from the IMF) that it would start to auction certificates in order to bring down the supply of DR$. This would ,purportedly, lower the supply of DR$ and thus stem the exchange rate decline of the DR$ vs the US$.

Since the Central Bank and the IMF adopted this technique for supporting the DR$, the DR$ has proceded to fall from about 24 to the current 44 DR$ per US$. I am not claiming a causal relationship, but I hardly see it as a coincidence.

The way the certificates take money out of circulation is that someone who was holding DR$ would give up his cash in exchange for a promisory note (certificate). Aggressively selling certificates also raises interest rates (from about 35% to almost 60%).

In a normal working economy (USA), selling certificates by a central bank typically has at least 2 consequences:

1) Physically takes money out of circulation (as described above).
2) Slows down an economy.

THE RUB:
The rub with the steps the Central Bank took is that the DR is not a normal functioning free market economy.

1) Taking money out circulation by selling certificates at 60% interest does not work. It either leads to a spiral in interest rates, or it actually leads to more money in circulation because 1 DR$ borrowed today has to be paid with $1.6 a year form now. This leads to money supply growth, not money supply contraction.
2) The DR$ economy is already dead. Selling certifiactes is like beating a dead horse.

FINALLY:
AS I have posted several times over the last year, these certificates represent a debt of from DR$50 to DR$100 Billion when the next government takes over. What that means is that for the 2003 year, Mejia actually had DOUBLE the DR$90Billion that was alloted to them in the budget. When you read the central bank website, what you will find is that the length of time the certificates are sold for keeps increasing.

Mondongo, thanks for this explanation! I will begin to read and follow the economics of it.

It reads like a house of cards to me. The money game is a strange one anyway... paper is paper, and a degree of faith in the system helps create its success and perpetuate its existence.

I wonder what future--at the moment unpredictable--variables might topple this house? I have no idea, but throughout history, unforseen variables have always combined to crumble what is inherently weak, whether a society or govt or economy.

Another thought... perhaps, sometimes, what is seen as DR bashing is frustration by those who come here, love the country, and hate to see it hurt by those who ought to care for it most. I don't see how a country can expect investors to act in good faith when its government is openly corrupt.

 

[dawnwil]

You can always open up a BPD (US FDIC insured bank) US$ account here and instantly transfer funds into your Banco Popualar RD$ account.
They have always given us great exchange rates and we have never had a problem.

BPD have an office in the Banco Popular building in Santo Domingo (4th floor). The staff are great and speak English, plus you can get an ATM/Debit Card linked directly to your account.

BPD New York: http://bpdbank.com/
Banco Popular DR: http://www.bpd.com.do/ingles/home+page.htm

Robert, thanks.

This is of interest, especially as I would rather deposit an upcoming US$ check from Canada here directly. Will add it to the list for Sto Dgo this month.