1996 – Page 36

The price of unleaded fuel went down by approximately RD$0.75 per US gallon. Last week, the price of the fuel at Esso and Shell service stations, was RD$24.80 and RD$24.75, while Isla was still charging RD$25.50. Representatives from Shell and Esso, Luis Taveras and Juan Velazquez, said that as long as the international price of …

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The Minister of Tourism, Frank Jorge Elias, says that the wealthy Arabian businessman, Adnan Khashoggi, is willing to invest in any area of business in the Dominican Republic and, having this in mind, he is coming to the country very shortly. It is reported that he will be seeing President Leonel Fernandez, and making offers …

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A former Central Bank governor, Bernardo Vega, said that the next government is committed to the hard task of lowering interest rates, without provoking a devaluation of the peso as a consequence of inflationary effects. He said that it is necessary to maintain economic stability but one has to acknowledge that the current interest rates …

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Industrialist J. Armando Bermudez believes that the D.R. now presents an excellent environment for investment, with a stable democracy promoting new confidence, all as a result of the election of President-elect Leonel Fernandez. He said that this new climate of peace has motivated him to start a partnership between his rum distillery, J. Armando Bermudez, …

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The Interamerican Bank of Development (IDB) will support the liberalization of financial markets in the Caribbean, including the Dominican Republic. Kim Staking, the director for financial markets at the IDB, said that his institution will execute a plan for the liberalization of financial markets in the Caribbean, in order for them to function better. He …

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During the period January-June 1996, the average prime rate for loans was 21.76%. According to the report “Average Financial Indexes of the Commercial Banks”, made by the Asociación de Bancos Comerciales de la República Dominicana (ABCRD), the average prime rate for loans in January was 22.49%, in February 22.03%, in March 21.53%, in April 21.31%, …

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The Fundación de Desarrollo Agropecuaria (FDA), a non-profit making agricultural institution, will receive US$420 thousand over the next four years from the Kellogg Foundation, to develop a plan to benefit the rural population. The announcement was made by Dr. Altagracia Rivera de Castillo, executive director of the FDA, who said that with the support of …

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Roberto B. Saladin Selin, an ex-governor of the Central Bank, said that, without doubt, the Central Bank of the Dominican Republic has just made an excellent technical and professional contribution, not only to our country but also to Latin America and the Caribbean, with the implementation of the new System of National Accounts (1993). The …

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This week the Central Bank announced that the accumulated inflation rate until July, measured by the variations in the Consumer Price Index (CPI) against the figure for December 1995, reached 1.15%, less than that registered in the same period for 1995, which was 4.4%. The annual inflation rate, measured in the same manner for the …

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The director of the Corporación Dominicana de Empresas Estatales (CORDE), Pedro Breton, denied the existence of financial chaos, as recently reported by a leading newspaper. He blamed the monetary board of the Central Bank for freezing the funds needed to finance the public sector. He maintained that all the companies in CORDE are up to …

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