1996 – Page 7

According to the president of the Asociación de Cámaras Americanas de Comercio de América Latina, Jaak Rannik, the Gross Domestic Product (GDP) of the country could grow between 5 and 6%. Mr. Rannik said that the expected GDP growth is due to the economic stability of the country and the inward flow of foreign investment.

The main unions have asked President Leonel Fernández to increase the minimum salary to RD$5,000 per month. The request was made during a meeting held at the Ministry of Labor and, according to the newspaper Hoy, the workers were frustrated because they did not see President Fernández paying any attention to the matter.

The presidents of the Consejo Nacional de la Empresa Privada (CONEP) and of the Asociación de Industrias de la República Dominicana (AIRD), José Manuel Paliza and Celso Marranzini, agreed to warn President Leonel Fernández that increasing the minimum salary to RD$5,000, as proposed by the main unions, would result in greater unemployment. They said there …

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The president of the Refinería Dominicana de Petróleo (REFIDOMSA), Radhamés Segura, says that the electricity bill should be approved immediately and should not contain certain privileges for sectors involved in the electricity business. Mr. Segura, however, said that the bill – if approved – should order the Corporación Dominicana de Electricidad (CDE) to reorganize its …

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The ambassador for the United Kingdom , Dick Thomson, says that businessmen from his country are interested in investing in the Dominican Republic (D.R.) and are currently studying the Public Companies Reform bill that President Leonel Fernández has submitted to Congress. He added that the British investors have copies of the President’s proposal and are …

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Consumption of petroleum based fuel during the period January-September 1996 increased by 4.8% when compared to the same period in 1995, according to the figures published by the Refinería Dominicana de Petróleo (REFIDOMSA). Last year 16,998,300 barrels were consumed, while this year the figure is 17,810,500.

Domestic hardware store sales have decreased between 40% and 60%, due to the government’s reduction in public works. Businessmen from the trade have ask the government to reactivate its constructional works to assist in the recovery of their sales figures.

President Leonel Fernández has authorized the construction of five new free trade zones both in Santo Domingo and other provinces of the country. The announcement was made by the Corporación de Fomento Industrial (CFI) director, José Tomás Pérez, who also said that each free zone will require an investment of more than RD$20 million. Mr. …

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The administrative board of the Banco Nacional de la Vivienda (BNV) has appointed Consuelo Matos García as its new general manager, replacing Dr. Manuel Pittaluga Nivar.

The Central Bankgovernor, Héctor Valdez Albizu, has confirmed that the Dominican Republic is up to date in its payments against the external debt. He also pointed out that the behavior of the gross foreign reserves is cyclical, and that they have maintained the same trend historically. He emphasized, however, that what is really important to …

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