The leading association of foreign investment companies in the DR, ASIEX says that it will recommend that the Executive Branch veto the Financial and Monetary Code as the National Congress passed it. ASIEX says that the bill is a step backwards, as it discriminates against foreign financial entities. This discrimination had been eliminated in the Foreign Investment Law. The Code as passed by Congress contemplates limitations on the transfer of profits by international banks. The observation was also made by Michael Contreras, a former general manager of Citibank in the DR, today vice president of Citibank for Latin America who visited recently. ASIEX says that the version passed by the National Congress contains inclusions and omissions that are contrary to its spirit of modernizing the financial sector.
