John W. Crow, governor of the Bank of Canada, the Canadian Central Bank) from 1987-1994 and today a consultant to Scotiabank, described the Dominican economy as one that is basically dynamic and open, which, he adds is a recipe for success in the world today.
Crow made the comment after meeting with President Hipolito Mejia yesterday. The banking executive also revealed that Scotiabank has increased its investments in the DR by 400% and is ready to continue to fund development projects in both the public and private sectors. Canadian Ambassador Adam Blackwell seconded these comments and pointed out that last year?s exchange of visits between the heads of state of both countries gave an added push to the renewal of bilateral agreements and greater commercial activity between them. Scotiabank purchased 35 of the branch offices of the now-defunct Baninter and absorbed 400 of its employees.
As reported in the Listin Diario, Crow visited to study local economic and financial aspects.
Crow has been active in Latin American financial affairs. In 1999, he chaired a committee of international experts that was commissioned by the Executive Board of theInternational Monetary Fund to evaluate IMF bilateral, regional and multilateral surveillance activities, and in 2002, he took part in a high level international mission to advise on monetary problems in Argentina. In 2003 he chaired an international task force commissioned by the International Federation of Accountants to examine the loss of credibility in financial reporting and how to restore it.