1996 – Page 23

The gross international reserves of the Central Bank showed a decrease in the month of August of 2.9% when compared to December 1995, according to its balance sheet. The total of the reserves last month stood at US$512.7 million, while in December 1995 they totalled US$528.5 million. The reserves have been decreasing during the last …

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At the beginning of last week, President Leonel Fernandez enacted the Foreign Investment Bill. The published announcement contains definitions about financial assets, foreign investment certificates, block funds, free currency convertibility and the free trade zones. It also mentions the responsibilties and obligations of the Central Bank regarding foreign investment.

The International Monetary Fund (IMF) has suggested that the government should increase the current 8% Impuesto Sobre las Transferencias a los Bienes Industrializados y Servicios (ITBIS), a form of value added tax, as a way of increasing its revenue. The IMF made its suggestion in the document “Dominican Republic: Recent Economic Development” and said that …

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President Leonel Fernandez has declared the Consejo Estatal del Azucar (CEA) as being in a state of emergency, and ordered the payment of overdue salaries and the inclusion in next year’s budget of the necessary resources required for the sugar crop. The payment of the overdue salaries is going to be effected with a special …

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The Comisión Económica para América Latina (CEPAL) considers that poverty in the Dominican Republic and seven other nations on the continent is rather worrying. CEPAL points out that 53% of small busineses are sole traders, i.e. unincorporated businesses owned by one individual, and 24% involve only two people, where the owner has someone from his …

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An element that the banking system should acknowledge is the increase in interest not collected during the first six months of the year, according to report made by the company Clasificadora & Evaluadora del Caribe. The interest and commissions earned but not collected stood at RD$1,109.7 million at the end of 1994, grew to RD$1,505.8 …

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The government’s fiscal income has increased by 20% since the new authorities took over last month. The announcement was made by Minister of Finance Daniel Toribio, who said that the increase is a result of the policy measures taken by President Leonel Fernandez.

The Dominican Republic had good luck with Hurricane Hortense. It had maintained a west northwest track until turning further north on Tuesday, 10 September. Dominicans awoke on Wednesday to hear weather reports that the hurricane had brushed the east and northeast coasts, with little or no affect on the south and southwest, as had originally …

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The mayor of Santo Domingo, Rafael Subervi Bonilla, announced that the refuse currently at the Duquesa dump in the National District will be recycled this month, for the purpose of creating space for the excess rubbish currently being picked up in the capital. The problem of accumulation of refuse on the streets of Santo Domingo …

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The president of the Partido Revolucionario Dominicano (PRD) and three-time presidential candidate on that party’s ticket, says he has another malignant tumor in his abdomen, less than two years after the first one was removed from the same area. After returning from the U.S. amidst rampant speculation on the state of his health, Dr. Peña …

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