2018News

2019 budget has funds to recapitalize Central Bank

Dionis Sánchez / PLD

The president of the joint commission of Congress that is studying the 2019 National Budget Law revealed last week that the budget contains 0.7% of the GDP for the re-capitalizing of the Central Bank. Senator Dionis Sanchez said that the members of the committee will be inviting bank authorities to a meeting to discuss the subject. Sanchez said that the joint committee has some questions about Law 167-07 regarding the Recapitalization of the Central Bank of the Dominican Republic.

Regarding this, Ervin Novas Bello, the manager of the Central Bank, explained that it is necessary to modify Law 167-07 that stated that between 2007 and 2016 RD$320 billion would be injected to recapitalize the bank. According to the official, so far only RD$132 billion has been documented, and the bank now needs to find a solution for the difference between what was stipulated and what was received.

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Diario Libre

5 November 2018