Dolores Vicioso – Page 7115

Hotel occupancy averaged 80.8 percent in January, which is 26.3 percent more than the numbers for January 2002. The National Hotel & Restaurant Association statistics indicate that travel is definitely recovering in the Dominican Republic and forecasts, which do not take into account the possible effects of a war in the Middle East, are predicting …

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On Saturday 15 February it will be carnival time for Santo Domingo. 10 nights of merengue have been planned leading up to the closing parade on 2 March, in which 1,000 dance groups and 50 floats have registered their participation.  The National Carnival Commission will organize the Santo Domingo Carnival this year and sponsors include …

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The Sandcastle Building Contest is scheduled for the weekend of 14-15-16 February 2003 with prizes of RD$25,000 (1st), RD$10,000 (2nd) and RD$5,000 (3rd).  On Saturday from 10:30am to 3pm, the children?s competition will be held for sandcastle builders of up to 14 years of age. There will be live music, art exhibits and theater on …

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The 100-percent rise in the reserves of hard currencies required by the latest Monetary Board resolutions will make dollar transactions more expensive, according to Hector Linares of the Listin Diario. This will wither transactions of hard currencies, which accounted for nearly 50 percent of all ongoing loan transactions. Another factor likely to probably shrink the …

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If a person were to have US$50,000 deposited to a dollar savings account in the Dominican financial market at a hypothetical rate of 5 percent per annum, the money would earn in one year US$2,500.00, or, at an exchange of RD$60,000. However, if that money were to be exchanged to Dominican pesos at a rate …

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The Central Bank will pay the Savings and Loan Association?s interest at the rate of 5 percent per month for deposits of their legal reserves, according to the new measures of the Monetary Board. Sub-paragraph B of Measure 2 established by the Monetary Board last Friday says that the S & Ls will gradually convert …

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The financial houses of Bear, Stearns & Co. and Standard New York Securities have issued reports on recent economic developments in the Dominican Republic. The country is of interest to the US firms because of the US$500-million (October 2001) and US$600-million (January 2003) sovereign bond placements made by the Dominican government. To follow the reports, …

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Congressional leaders have asked President Hipolito Mejia to send the appropriate legislation to Congress to obtain the required approval of the Monetary Board measures announced earlier this week. Andres Bautista, the president of the Senate, and Jose Tomas Perez, the spokesman for the PLD party, asked the President to be as transparent as possible regarding …

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Alejandro Grullon of the Grupo Financiero Popular and Jose Leon of the Leon Jimenez Group (Presidente beer) both favor the intervention of the International Monetary Fund in the current economic crisis of the Dominican Republic, as reported in Diario Libre. Both also voiced their hope that the public would give the President?s latest measures a …

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The head of the CONEP has called for a meeting of the commission that will follow-up the Pact for Stability and Economic Development to take place next week. According to El Caribe, the purpose of the meeting, to be convened by Finance Minister Jose Lois Malkun, is to analyze the current situation and its effects …

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