1996 – Page 57

President Joaquín Balaguer has ordered RD$100 million to be paid to the Consejo Estatal del Azucar to be spent on the mills, according to the Presidency. In mid February, the Presidency also paid a similar subsidy to the CEA for the harvest. The Presidency has authorized the CEA to produce 275,000 tonnes, Central Romana Corporation …

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Exports of Dominican cigars should total US$120 million in 1996, according to estimates from the Instituto Nacional del Tabaco. The director of the organization, Genaro García, said that the country will produce 535,353 quintals of tobacco that will be exported to the United States, Europe, Asia and Africa. In the Cibao, some 308,168 tareas of …

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Vimenca, originally known for its travel agency, exchange bank and as the American Express representative in the Dominican Republic, is now offering a multiplicity of new services and has expanded the scope of its business. Vimenca has expanded to include a large corner of prime real estate on the corner of Abraham Lincoln and Bolivar, …

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The general manager of the Corporación Dominicana de Electricidad, Amilcar Romero, again went public by stating that the principal problem of the CDE is financial, not its capacity for electricity production. The CDE is purchasing 40% of its electricity from private suppliers, but it says that only 50% of consumers are paying their bills, thus …

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Texaco lowered the price of unleaded petrol to RD$25.60 from RD$26.10, a drop of 0.50 cents. Linda Teintze, general manager of Texaco said that the drop reflects the fall in international oil prices, following recent agreements between the United Nations and Iraq. A spokesman for Texaco said that international unleaded spot prices continue to be …

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The European Union has made available to the Dominican Republic, through the Lome IV Accorde, some RD$1,565 million, that is 25% more than that made available through the recently finalized program. According to the new local representative of the European Union, Carlos Manai, the disbursement of RD$1,565 million will be effected item by item after …

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The economic discussion of the last week has been the issue that the Central Bank has been compensating for the government not handing over money for the payment of the foreign debt. In order to maintain economic stability, the Central Bank has resorted to applying restrictive measures on the money in circulation and thus putting …

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Mario Mendez of Hoy reports that exchange transactions in the regulated bank exchange market have increased significantly. He attributes the growth, in part, to an increase in the monetary authorities and the government’s transfers to the bank market at the end of 1994, of several items previously traded in the official market. These included credit …

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Cigarettes continue to be good business in the Dominican Republic, despite the well-known detrimental effects on health. A World Health Organization report shows that the country occupies the fourth place in the world among those whose men smoke the most. The report states that 66.3% of Dominican men smoke frequently.

The Central Bank has confirmed a report that the Banco Central Hispano of Spain is no longer interested in purchasing the Banco de Comercio that at this time is being run by the Central Bank. The Vice Governor of the Central Bank, Luis Manuel Piantini, is presently serving as presidente en funciones of the board …

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