2005 – Page 29

According to the World Bank, as much as 13.2% of the Dominican Republic’s Gross Domestic Product comes from remittances from overseas. In the case of Haiti, the figure is 24% of GDP. In the Dominican case, 96% of the remittance money is channeled through official mechanisms, such as registered exchange houses or commercial banks.

The Central Bank of the Dominican Republic and the office of the Superintendent of Banks have refused a request made by Listin Diario under the Freedom of Information Law requesting information on the progress of the audit being carried out at Banco de Progreso following the dismissal of its former president, Pedro A. Castillo. The …

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Using a credit card is still very expensive in spite of the fact that bank interest rates have fallen to their lowest levels in decades. The average APR is nearly 75%, with the monthly rate on unpaid balances at 6.20%, nearly the same rate as two years ago when the rate hit 6.40% per month. …

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The Dominican Navy has rescued 14 people from the waters of the Caribbean Sea. These people were attempting an illegal voyage to Puerto Rico when their vessel was disabled between the islands of Catalina and La Saona, off the southeast coast of the Dominican Republic. The Dominican Navy was assisted by units of the United …

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The Chief of Police, Bernardo Santana Paez, announced that he would seek the addition of 2,000 more men and women for the National Police in his 2006 budget. Santana Paez told reporters that these agents would help in the battle against crime. As he came out of his meeting with budget officials at the Presidential …

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What is sold as “whole wheat” bread may not have any whole wheat. At least this is what Hoy is reporting in Sunday’s edition. The National Director of Systems and Rules (the Dominican weights and measures control office) DIGENOR, revealed that there is a fake whole wheat bread on the market and that very few …

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The gateway to Santo Domingo’s Chinatown got its start yesterday when Mayor Roberto Salcedo did the honors at the start-up ceremony. The gateway is located at the intersection between Duarte and Mexico avenues in downtown Santo Domingo. Chinese “lions” danced in the street as the five million-peso project got underway. The Taiwanese government has donated …

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Chamber of Deputies President, Alfredo Pacheco, said that VAT (ITBIS) would not be applied to cooking oil, coffee, sugar, molasses, cocoa or chocolate, according to Diario Libre. Also excluded would be agricultural raw materials, and capital goods, seed, soy, soy wheat, among other products. The Luxury Property tax will not be changed as proposed by …

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International Monetary Fund (IMF) representative Jose Faigebaum has said that he trusts that the government’s proposed mega-projects will be completed within budget. The official was speaking during a visit to Senate President Andres Bautista Garcia, according to El Caribe. Faigebaum stated that the country’s current macroeconomic stability would be at risk if expenses exceeded the …

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Controversial Belgian priest Pedro Ruquoy, who has been at the center of a debate for his defense of the Haitian community and for having registered two children of Haitian origin as his own, has left the country following a decision by his religious superiors, as reported in Listin Diario. He stated that he had not …

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