Central Bank details

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At the close of last year the Central Bank's net deficit was RD$23.9 billion, due in large part to an increase in its liabilities that surged from RD$245.4 billion in 2004 to RD$311.6 billion last year. These figures are part of the findings of an audit conducted by the accounting firm Price Waterhouse Cooper. During the previous year the Central Bank had revenues of RD$6.3 billion, as a result of interest from deposits outside the country, and domestically through commissions and bonds from the capitalization transferred by the government. The Central Bank's net spending was RD$32 billion, most of which (RD$28 billion) was directed towards the payment of interests on remunerated deposits and operations in the open market. The Central Bank increased its spending on salary payments by 25%, from RD$1.18 billion in 2004 to RD$1.47 billion in 2005. In order to be in line with monetary law the Central Bank must transfer the total amount of its deficit to the Central Government. On 31 December 2005 this would have totaled RD$202 billion.

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