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Camilo: turismo debe ser “columna vertebral” economía

Image via Wikipedia El director general de Aduanas, Rafael Camilo, considera que el sector turismo debe convertirse en el motor de la economía del país, el cual creará las condiciones para el desarrollo de los sectores productivos, principalmente el industrial y el agropecuario. Al respecto, dijo que la República dominicana tiene las condiciones para que el modelo económico…

Increasing debt not healthy

Groundbreaking on large public works financed with high-cost foreign debt seems to have brought a look of progress to the DR. But at what price? National Association of Young Entrepreneurs (ANJE) director Ricardo Bonetti, in an interview with Hoy, explained that stimulating the economy through foreign debt or public spending is a mistake. “We understand it is a very risky policy and that in the long run will have destructive effects on the economy,” he said. He added that though…

Central Bank lowers rates, again

The Central Bank’s Monetary Board has announced it would, effective today, lower interest rates, once again. The annual interest rates on short-term paid deposits (overnight) will now be 5%, a one- point drop. Lombarda interest rates will also be lowered, going from 11.5% to 10.5%. The Monetary Board also lowered rates on long-term direct certificate investments to between 2% and 3%. Hoy reports that rates for 180-day deposits will be 7%, 365-day deposits 8%, 18-month deposits 9%, 24-month deposits 10%,…

Trade deficit with Brazil

The Dominican Republic’s trade deficit with Brazil totaled US$316 million in 2008, according to the president of the Dominican-Brazilian Chamber of Commerce, Domingo Santana, as reported in El Caribe. He said that exports to Brazil are only US$6 million, while DR imports reached US$322 million in 2008. Santana explained the DR is primarily importing food, ceramics, minerals and pharmaceuticals. The DR is exporting medical equipment and cigars. “Brazil has much more to sell us,” he said. Santana urged the government…

Dominican Government’s reelection thrust crippled economy, Vega says

  SANTO DOMINGO. – A former central banker paints a dark picture of a “crippled” Dominican economy resulting from external factors and the Governments “excessive spending” in its thrust to get reelected. Bernardo Vega said the world crisis of rising oil prices and food shortages have local repercussions, as the “economy has been crippled” by a swelled government payroll during the elections period. He affirmed that the Government is forced to make adjustments before August 16, which could imply new…