The president of the Santiago Chamber of Commerce and Production, Luis Jose Bonilla Bojos, said yesterday that his organization is completely in favor of the government?s planned reduction of the public payroll. Bonilla Bojos said that the downsizing would certainly help the nation?s economy, and that the money saved could be used to improve the conditions of the poor. According to Bonilla Bojos, ?the intention of the government to create a multi-sector commission to look after the reduction of the public payrolls sends a positive signal that it is on the right track??. He also said the President?s speech before the National Congress was a contributing factor in the reduction of the exchange rate. Bonilla Bojos? organization supports Santo Domingo-based business groups, such as the Association of Industries of the Dominican Republic (AIRD) and the Association of Young Entrepreneurs (ANJE), in their request that the Central Bank reduce the commission on foreign currency transactions at a faster pace than the 0.25 quarterly reduction to start in October 2003 as announced by the government.
The Monetary & Financial Code approved in November 2002 had established the government would have a year to eliminate the exchange commission, not the more than four years term now approved by the economic team of the Mejia administration.