NewsWhore
10-26-2009, 04:40 PM
During a speech to celebrate the Central Bank's 62 anniversary, the Bank's governor Hector Valdez Albizu said that the Dominican economy would end the year with some growth despite the sober international scene. He also pointed out that in order to achieve sustained economic development the problems in the energy sector needed to be resolved. He said that the US$990 million that the country is due to receive as a result of the agreement with the International Monetary Fund would lead to macro-economic stability and improve the country's image with potential investors.
Valdez Albizu said that the Stand-by arrangement with the IMF would provide for the continuing process of Recapitalization of the Central Bank, easing the process of stabilizing long-term monetary policy. He said that he would ask Congress to extend the timeframe for the recapitalization from 10 years to 15 years. The governor predicted that inflationary pressure would remain under control, and that there would be no changes in the exchange rate, monetary policy or financial policies designed to stimulate investment. Among the more interesting details that were revealed was that remittances had fallen by just 2.2% and tourism had decreased by only 5.8%.
More... (http://www.dr1.com/index.html#1)
Valdez Albizu said that the Stand-by arrangement with the IMF would provide for the continuing process of Recapitalization of the Central Bank, easing the process of stabilizing long-term monetary policy. He said that he would ask Congress to extend the timeframe for the recapitalization from 10 years to 15 years. The governor predicted that inflationary pressure would remain under control, and that there would be no changes in the exchange rate, monetary policy or financial policies designed to stimulate investment. Among the more interesting details that were revealed was that remittances had fallen by just 2.2% and tourism had decreased by only 5.8%.
More... (http://www.dr1.com/index.html#1)