2005News

Cabinet takes steps to reduce Central Bank debt load

The government cabinet held an eight-hour meeting yesterday. Among the several news items coming out of the meeting is the decision to reduce the number of outstanding Central Bank certificates. In order to achieve this, the cabinet and the President, Leonel Fernandez, appointed a commission headed by the Presidency Minister, Luis Manuel Bonetti and including the Central Bank’s Hector Valdez Albizu, Attorney General Dominguez Brito, Banking Superintendent Rafael Camilo, and the President’s legal advisor, Cesar Pina Toribio. These men have been put in charge of evaluating the assets of the three banks that are considered to be at the heart of the nation’s economic crisis: Baninter; Bancredito and Banco Mercantil. The President was quite clear, according to Hoy, in his opinion that there “is a lot of ground to cover in order to emerge from the worst economic crisis, inherited from the Hipolito Mejia administration.” Fernandez emphasized the need to control inflation and stabilize the Dominican Peso.