1998News

International reserves up

The governor of the Central Bank Hector Valdez Albizu said that the DR international reserves will show an increase of US$100 million at year’s end. He said the bank has available US$350 million in international reserves and US$630 in gross reserves. The reserves are above the International Monetary Fund estimates for 1998 performance. Valdez Albizu advanced that in 1998, manufacturing grew 10%, construction 14%, and the overall estimated growth was 8.8%. He said tourism industry’s growth was less than estimated at 3%, transport grew 11.8%, communications 21.3%, electricity and water 13.3%, finances 3.8% and government 5.2%. Commerce was up 13.3%. Farming was down 2%.