NewsWhore
02-19-2007, 05:30 PM
The Chief Executive will submit a proposal to recapitalize the Dominican Republic Central Bank by means of a series of yearly bond issues that will tackle the problems arising from the quasi-fiscal deficit generated interest payments made on certificates of deposits during and after the banking crisis of 2003. Currently the deficit is pegged at RD$165 billion. The legislative proposal will go to Congress next 27 February, and will provide for yearly bond issues over a ten-year period. The first emission will be for RD$36.0 billion. According to Central Bank governor Hector Valdez Albizu, the executive will also submit changes to the Monetary and Finance Law, as required by the International Monetary Fund in order to fulfill the Stand-by arrangement through 2008.
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More... (http://www.dr1.com/index.html#5)