The Central Bank has RD$198 million in abandoned accounts

[NewsWhore]

The Central Bank says that the Monetary and Finance Law "implicitly" revokes Law 66-97. The bank has RD$198 million in abandoned funds from the financial institutions in the Dominican Republic after the bank issued a resolution in 2007 in order to receive these monies for use in several areas. These are funds from accounts that have been inactive for over ten years. According to Article 201 of Law 66-97, 20% of this money should go to the Ministry of Education, a near RD$40 million peso windfall for the ministry. However, the Central Bank authorities are saying that Law 183-02 "implicitly" revokes that article of the Education Law. Listin Diario notes that the word "education" does not appear once in the Monetary and Financial Law and no law can implicitly revoke another law.

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