Both the Listin Diario and the El Caribe papers have lead articles in their economic sections that voice the complaints of the Associacion de Jovenes Empresarios (ANJE) and the Industrial Association of the Dominican Republic in regards as to how long it will take to reduce the commission on money exchange to zero. According to a note from the Central Bank, the Monetary Board has decided to reduce the commission, now at a rate of 4.75 percent, by 0.25 percent every three months starting in October 2003. In following this scheme, it will not be until the year 2008 when the commission is dropped altogether. The associations called the proposed measure ?slow? and ?conservative?.
According to Lisandro Macarrulla, the president of the Industrial Association (AIRD), the industrialists expected something swifter that would begin sooner than October. In a conciliatory note, Macarrulla told the reporters of the Listin Diario: ?At the AIRD we understand the process for the reduction of the commission of money exchange, above all in the sense that to do it all at once, without identifying new income sources to pay international creditors, would generate negative limits on the government?s capacity to pay its debts.?
Speaking on behalf of the Young Businessmen?s Association (ANJE), Marisol Vicens said that the government?s move was ?inexplicable?. A period of four yeas and nine months to reduce the commission does not seem to be a logical position, said Vicens, especially considering that the objective of this commission was to finance the foreign debt when petroleum sales were being subsidized by the government. This problem was solved with the ratification of the Petroleum Law in 2000 and the passage of Monetary Code-Law 183-02 also justified a reduction of the commission within one year?s time. Article 28 of the same law establishes the free convertibility of currencies and prohibits the Central Bank from establishing any conditions that would interfere with free market convertibility.