Banking decreases

[NewsWhore]

International Monetary Fund economists report an increase in international banking in DR-CAFTA countries, with the exception of the DR. The economists said that two foreign banks were forced to leave the DR banking sector because they encountered "ferocious competition" and couldn't adapt to the country's finance culture. Republic Bank and CitiBank both ceased operations in the DR. Economists Carlos Medeiros, Torsten Wezel and Jorge Cayazzo revealed their findings during the Seventh Annual Regional Conference (http://www.imf.org/external/np/seminars/eng/2008/whd/index.htm) of Central America, Panama and the DR, held in San Salvador, El Salvador. International banks market share is above 90% in El Salvador, 55% in Panama, and 25% in Costa Rica, while international banks only make up 10% of the banking sector in the DR and Guatemala. The economists believe that the banking system in the region operates in basically the same way, but that similar banking regulations should be implemented across the region. Alfred Schipke, senior economist at the IMF's Western Hemisphere Department says that there needs to be convergence in banking rules in the region as a way of preventing high risks at the capital level. Schipke revealed that the Council's Superintendents signed a cooperation agreement that will allow increased supervision of banks in the region.

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