Trusts would be audited by the Chamber of Accounts and the Comptroller General's Office; impact of the Russia-Ukraine conflict: major challenge for the Dominican economy; dollar decline strengthens the Dominican peso; the government will provide aid to Ukrainians stranded in the country and will receive the honorary consul; the Hydrocarbons Law would establish an adjustment and cap on fuel prices; 10 Dominicans have been evacuated from Ukraine; Dominican tourism has its second-best February ever; banks prepare to withstand cyberattacks due to the Russia-Ukraine war; Aeroflot will fly to Punta Cana this week to repatriate Russians; Expo Fomenta Pymes will have rates starting at 7.95%; the Dominican Republic's industrial sector will invest more than RD$80 billion in 2022; the country's vehicle fleet increased by 332,745 units in the last year; resources for more subsidies and to cover the fuel price increase would come from state savings; Pepca requests Four-month extension to complete investigation against Jean Alain, Omsa would implement corridor with electric buses in Independencia , more than 90% of the population fears crime.
Trusts would be audited by the Chamber of Accounts and the Comptroller's Office
The bill that aims to regulate public trusts in the Dominican Republic gives the power to the Chamber of Accounts and the Comptroller General of the Republic to audit them and at the same time, leaves the supervision and monitoring of each one of them in charge of the Superintendency of Banks.
Impact of the Russia-Ukraine conflict: a major challenge for the Dominican economy
The biggest challenge facing the Dominican Republic in economic terms is overcoming the situation caused by the conflict between Russia and Ukraine, which would mainly impact product prices, tourism and trade , four economists said yesterday.
The falling dollar strengthens the value of the Dominican peso
The Dominican peso has regained ground against the US dollar after the exchange rate fell by approximately 3.00 percentage points as a result of monetary measures adopted by the Central Bank. The US dollar closed at 54.36 pesos to the dollar at the end of February, representing a decrease of 0.84% compared to the previous day's rate of 54.82 pesos.
The government will provide assistance to Ukrainians stranded in the country and will receive an honorary consul
The Dominican government will provide assistance to Ukrainians stranded in the country after their vacations expired and they were unable to travel home due to the armed conflict between Russia and Ukraine. This information was provided tonight by the Director of Government Strategy and Communication, Homero Figueroa, who indicated that the Ministry of Tourism is already preparing a solution to accommodate them. He also reported that President Luis Abinader will meet this Wednesday with Honorary Consul Ilona Oleksandrivna, who on Tuesday afternoon had implored the president to meet with her.
Hydrocarbons Law would establish adjustment and cap on fuel prices
The Executive Branch proposes to establish mechanisms for adjusting and capping fuel prices through the Hydrocarbons Bill and also proposes to modify the formula for determining the Import Parity Price (PPI).
Ten Dominicans have been transferred out of Ukraine
The Ministry of Foreign Affairs reported that, together with diplomatic allies in Eastern Europe, it has managed the evacuation of 10 Dominican nationals, 7 adults and 3 minors, who were in Ukraine.
Dominican tourism has its second best February in history
Dominican tourism had its second-best February ever, with 566,235 non-resident travelers arriving in the month, representing a 268% increase compared to the same period last year, the government reported on Tuesday.
Banks prepare to withstand cyberattacks due to the Russia-Ukraine war
The Governor of the Central Bank of the Dominican Republic (BCRD), Héctor Valdez Albizu, accompanied by the Superintendent of Banks, Alejandro Fernández W., held a meeting with the treasurers of the main banks in the Dominican financial system, in which a discussion took place about the current scenario resulting from the suspension of financial operations of international banks with Russian entities, due to their military intervention in Ukraine, and other topics.
Aeroflot will fly to Punta Cana this week to repatriate Russians
Russian airline Aeroflot plans to operate flights this week to Cancun (Mexico) and Punta Cana (Dominican Republic) to repatriate Russian citizens stranded by the closure of European airspace to Russian flights
Expo Fomenta Pymes will have rates starting from 7.95%
Banco de Reservas inaugurated Expo Fomenta Pymes Banreservas 2022, which will take place from March 1st to April 30th, so that SMEs can opt for working capital to develop and consolidate their businesses at a time of economic reactivation.
Dominican Republic's industrial sector invests over RD$80 billion in 2022
The president of the Association of Industries of the Dominican Republic (AIRD), Celso Juan Marranzini, reported yesterday that this year the country's business sector will be making investments in the manufacturing sector for more than RD$80 billion.
The country's vehicle fleet increased by 332,745 units in the last year
The president of the National Association of Vehicle Distribution Agencies (Anadive), Northern Region, Juan José Jiménez, reported that the country's vehicle fleet has experienced significant growth, increasing from 4,842,367 units in January 2021 to 5,175,112 in January 2022. He said that this increase of 332,745 vehicles, in percentage terms, reaches 6.9%, which demonstrates that this sector has become one of the main sources of income for the Dominican State.
Resources for more subsidies and to cover the rise in fuel prices would come from state savings
The resources with which the Government intends to increase the subsidies that the population receives through social programs and continue to absorb part of the increases in fuel prices, in order to counteract inflation , would come from the measures imposed by decree 3-22, which limits, among other things, the purchase of vehicles and airline tickets .
The Pepca requests a four-month extension to complete its investigation against Jean Alain
The Specialized Prosecutor's Office for the Prosecution of Administrative Corruption (Pepca) yesterday requested a four-month extension to complete the investigation against Jean Alain Rodríguez and the other defendants in Operation Medusa.
Omsa would implement a corridor with electric buses on Independencia Avenue.
The Metropolitan Office of Bus Services (OMSA) plans to implement, with the help of international and national institutions, a corridor along Independence Avenue using only electric buses.
More than 90% of the population fears crime
More than 90 percent of the population in 12 municipalities across the country expresses fear of crime and violence. This data comes from a perception survey on violence and crime presented Tuesday by Participación Ciudadana and Transparencia Internacional, which reveals that 94.68% of those surveyed in these 12 municipalities said they feel some degree of fear due to crime and violence
RUSSIA/UKRAINE CRISIS
Biden accuses Putin of wanting to tear down "the foundations of the free world"
US President Joe Biden yesterday accused Russian President Vladimir Putin of wanting to tear down "the foundations of the free world" with the invasion of Ukraine, but stressed that "freedom will always triumph over tyranny." He said that his Russian counterpart, Vladimir Putin, "may surround Kyiv (the capital of Ukraine) with tanks, but he will never win the hearts and souls of the Ukrainian people."
Oil rises to $103; markets fall
Nerves. Wall Street closed in the red yesterday, with its main indicator, the Dow Jones Industrial Average, losing 1.76%, in a day marked by the war in Ukraine, which has driven up the price of a barrel of Texas oil by 8%.
US releases 30 million barrels of crude oil amid Ukraine crisis
US President Joe Biden yesterday authorized the release of 30 million barrels of crude oil from its strategic reserves to respond to the price surge resulting from the war in Ukraine.
Donors pledge 1.5 billion to the UN
Countries and organizations pledged $1.5 billion to the UN yesterday to urgently support the humanitarian response to the war in Ukraine, in a swift show of international solidarity.
France warns: Westerners "are going to sink the Russian economy"
French Finance Minister Bruno Le Maire warned yesterday that Westerners "are going to cause the collapse of the Russian economy " and expressed confidence that the sanctions for the invasion of Ukraine are proving effective.
Wheat prices hit their highest level since 2008 due to the war in Ukraine
Wheat prices rose more than 5% yesterday, reaching their highest level since 2008 in US markets as a result of Russia's invasion of Ukraine.
Apple temporarily suspends sales of its products in Russia
Tech giant Apple announced yesterday that it has temporarily suspended sales of its products in Russia due to the invasion of Ukraine .
Sources: Hoy, El Día, Diario Libre, El Caribe, Listín Diario.
