2004 – Page 8

The Central Bank of the Dominican Republic has lots of dollars. According to today’s El Caribe, the net reserves at the Central Bank have reached US$544.5 million, signifying the second highest level of currency reserves since July 2002. Just last month’s level was slightly higher, however. The lesser dollar-peso exchange rate and the stability of …

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While debt service payments will consume US$1 billion in 2005, Finance Minister Vicente Bengoa announced that the Dominican Republic is up to date on its payments to its creditors. In four months the Ministry of Finance has paid out US$362 million, and it seems that the US$200-million bridge foreign loan that was being discussed will …

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Economist Bernardo Vega is an exceptional essayist on economic themes, especially since he writes so well and so clearly. In today’s El Caribe, he sets out what the government must do in order for the IMF to consider the proposal for the renewal of the stand-by agreement that will help the Dominican Republic restore economic …

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The last word on the weekend was that neither the senators nor the government would budge on the issue of the 25% tax on soft drinks using High Fructose Corn Syrup (commonly called “corn syrup” or simply, HFCS). The tax is standing in the way of the much-debated DR-CAFTA agreement that will allow the Dominican …

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The National Drug Control Commission (DNCD) has seized 1.387 kilos of cocaine discovered in a truck on the outskirts of Santo Domingo that included a National Police colonel as one of its passengers. According to the story in El Caribe, the arrests are part of a year-long operation being conducted in collaboration with the US …

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President Leonel Fernandez inaugurated the new bridge over the Chavon River in a ceremony that was unexpectedly attended by several personalities of note. Besides the President and his wife, guests included baseball player Sammy Sosa; don Alejandro Grullon, the president of the Foundation for the Basilica of La Altagracia and chairman of the Banco Popular …

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With most of the country’s favorite beverages sold in bottles, it is no wonder that recycling should provide a golden opportunity for some. While the recycling of bottles is not a sector that is formally overseen, it is estimated to move RD$711,360 annually in the DR, according to the Listin Diario. Of the total, 64.3% …

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Over the weekend, the main headlines were dedicated to the effects the continuous rains have had on vast areas of the Cibao Valley. El Caribe reported that 15,000 people had been affected by the rising flood waters, with one death confirmed. In Gaspar Hernandez, situated on the North Coast, 3,000 families were cut off by …

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More attractive airfares are beckoning travelers, according to travel agencies, who are reporting a decrease of between 30%-40% in the cost of plane tickets. This phenomenon is due mainly to the lower cost of the US dollar on the local exchange market. Tickets to Puerto Rico, Miami, New York and Spain are the lowest they …

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