President Hip?lito Mej?a modified Decree 646-03,
\nestablished on 30 June 2003 and exempting certain items from the 2% surcharge on
\nimports. According to Hoy newspaper, the government subsequently issued Decree
\n693-03 on 16 July 2003, ordering that imports of medicines, raw materials,
\nequipment and capital goods of the farming sector also pay the surcharge.<\/p>\n
The big question
\nHCentral Bank Governor Jos? Lois Malkum explained in an
\ninterview with El Caribe newspaper that he made the decision to convert private
\ndebt to public in order to prevent a major collapse of the banking system,
\ndespite having to violate Monetary Law provisions. Malkum told the newspaper:
\n?Many have said that if we had not intervened, nothing would have happened. Some
\nwrite about this. But I cannot know if I was wrong or not. I assumed the
\nresponsibility and made the decision, otherwise we would not have the
\nInternational Monetary Fund, or a deficit? We would have simply applied the law
\nand those who lost their money would have lost it.?
\nMalkum told El Caribe that the dilemma was not only to save Baninter. ?Once we
\nintervened in Baninter, there would be three more banks in line,? he said,
\nexplaining his hunch they would fall like dominos.
\n?I have asked myself the question many times, if one involved this country in
\nthis mess, thinking that something was going to happen that didn?t, or could
\nhave happened, the cost would not have been RD$55 billion, but rather RD$200
\nbillion,? he said. Malkum stated that a big question mark would always remain on
\nhis conscience.<\/p>\n","protected":false},"excerpt":{"rendered":"
President Hip?lito Mej?a modified Decree 646-03, established on 30 June 2003 and exempting certain items from the 2% surcharge on imports. According to Hoy newspaper, the government subsequently issued Decree 693-03 on 16 July 2003, ordering that imports of medicines, raw materials, equipment and capital goods of the farming sector also pay the surcharge. The … <\/p>\n