2004 – Page 236

The Central Bank reports that the rate of inflation in January was 9.23%, compared to the previous month. The price increases are attributed to the depreciation of the peso, which resulted in record prices of fuel, particularly. Annualized inflation, measured from January 2003 to January 2004, stood at 50.86% and year-end inflation for 2003 was …

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Mario Mendez, economic editor for Hoy newspaper, says the Dominican people are paying a dear price for the government’s “error” of plowing ahead with the purchase of the power distributors in August 2003 without authorization from the International Monetary Fund. The country had just signed an agreement with the IMF that established ceilings on government …

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Citing sources from the Finance Ministry, the Listin Diario reports this morning that government revenues for January represented RD$9 billion, approximately RD$2.8 billion, or 45.7%, more than revenues for the same period last year. The new taxes effected late last year contributed RD$380.5 million to the government coffers. Income tax showed a 342.5% increase, reflecting …

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According to the Listin Diario, the peso has undergone a notable appreciation on local markets, with banks selling the US currency for RD$43.50-RD$44 yesterday, and buying at RD$42. Dollars were being bought for RD$42.50 and RD$43 by commercial banks and exchange houses. Euros were purchased for RD$50 and sold for RD$57. The newspaper says that …

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The Disputes Chamber of the Central Electoral Baord (JCE) ruled that Vicente Sanchez Baret, present director of Customs in the Mejia administration, is officially the new president of the Dominican Revolutionary Party (PRD). The JCE also defended the legality of President Mejia’s candidacy on grounds that it meets the requirements of the Electoral Law. With …

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Eligio Jaquez, as President Mejia’s campaign director and Minister of Agriculture, offered PRD leaders Rafael Subervi Bonilla and Vice-President Milagros Ortiz Bosch “anything they want” for their return to the PRD folds supporting the election campaign of President Mejia, as reported in El Dia newspaper. Jaquez said that they have yet to choose the vice-presidential …

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The union organization that coordinated the January nationwide strike is at it again, promoting a repeat for 16-17 March on grounds that the government reacted with indifference to the first strike. The spokesman for the Coordinadora Nacional de Huelga, Ramon Perez Figuereo, is supporting a symbolic warm-up protest, and urged Dominicans to wear a black …

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Chinese national Nieves Xue Wu will represent the Dominican Republic in the Athens Olympic Games, after qualifying during the trial tournament held in Valdivia, Chile. Xue Wu defeated her Chilean contender 4-0 to win the right to compete in Athens, where she will be one of four team members to represent the DR. Her team …

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El Caribe reported that President Mejia accused exporters, free-zone industrialists and the tourism sector of speculating in currency and he named these sectors as responsible for the peso’s devaluation. The President said he had “pushed and fought hard with them, the most I have fought with a lot of these people who became speculators of …

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President Hipolito Mejia ordered members of Congress to stay on the job and extended the legislature for another week. The regular legislative period begins 27 February.