1998 – Page 183

Frank Rainieri, former president of the National Hotel Association, said that of the 11 million tourists that visited the Caribbean last year, two million came to the Dominican Republic, or 18% of the total. He said that according to World Tourism Organization forecasts, the number of tourists visiting the area could reach 30 million tourists …

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The Ministry of Tourism has announced that a giant artisan fair will be held along the Avenida del Puerto, across from the Colonial City of Santo Domingo and the Port of Santo Domingo. Thousands of tourists arrive on cruise ships to the Port of Santo Domingo every week. The activity will concentrate hundreds of craftsmen …

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Economist Andres Dauhajre warned Dominican businessmen that if the country does not implement fiscal reform, nothing will be gained with the devaluation of the peso. He said that on the contrary, it will increase production costs and reduce competitiveness of Dominican business, including exporters. Overall, he said it would have a negative effect on economic …

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The Monetary Board has set new regulations for the operation of dollar accounts at Dominican commercial banks. The regulations establish that depositors of over US$500 in savings accounts cannot draw on their funds for 15 working days after the deposit is made. Furthermore, time deposits are subject to a 30 day freeze before the money …

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In an interview in the Hoy newspaper, the former president of Codetel, Ernest Burri said that the GTE division in the Dominican Republic reaped a 16% net profit last year, or RD$1,700 million. GTE has an investment in the Dominican Republic through Codetel of RD$11,000 million. Burri retired last year and now sits on the …

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The technical committee of the Grupo de Río approved the admission of the Dominican Republic and five Central American nations to that important Latin American forum for policy setting. The final decision needs to be ratified by the foreign relation ministers of the Grupo de Rio nations that will meet in March, and by the …

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The stock market exchanges of Central America will meet in Punta Cana at the Hotel Iberostar Bavaro 30 April to 1 May. The VII Seminario Internacional Bocen has as goal to discuss efforts to integrate Central American and Caribbean financial markets by 2000. Donald Cott Creus, executive director of the Santo Domingo Stock Exchange, is …

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Cedopex, the Dominican Export Promotion Center, reported that Dominican exports of goods were up 20.5% in 1997. Industrial free zone exports grew 24%, increasing to US$2,322.2 million, US$445.1 million more than in 1996. Dominican exports were up by 13.34%. The nation exported US$946.9 million in 1997, US$111.5 million more than in 1996.

The leader of the Partido Revolucionario Dominicano (PRD), Dr. José Francisco Peña Gómez, reprimanded the president of the Chamber of Deputies, PRD deputy Hector Peguero Méndez, for confronting deputy Andrés Vanderhorst of the Partido Liberal La Estructura. The president of the chamber changed the locks on Vanderhorst’s office at the chamber and fired Vanderhorst’s personnel …

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Press reports indicated that it is very likely that former Dominican ambassador before the United Nations, Rafael Pantaleón González, who is under arrest here at police headquarters, will be extradited to the United States. In addition to being a Dominican, Dr. Pantaleón is also a U.S. citizen. He flew to the D.R. after being sentenced …

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