Elite House holds a meeting tonight with clients and businesspeople: Spanish investment is vital for tourism in the Dominican Republic; the Central Bank increases its monetary policy rate to 7.25% annually; Politur guarantees the safety of tourists in the Dominican Republic; banks support the creation of the Law on Extinction of Ownership with some recommendations; ECLAC highlights the Dominican Republic's progress in estimating tax expenditures; lack of regulation of cryptocurrencies does not impede their growth in the Dominican Republic; customers will pay more for energy starting this month amid dissatisfaction with service; the Central Bank will penalize entities that operate in cryptocurrencies; Arajet presents its team of operational security experts to the IDAC.
Elite House and Noval Properties are holding a meeting with clients tonight
First Experience is the meeting that the Elite House agency will hold tonight with a group of clients to present its new products and business opportunities, in a meeting scheduled for seven o'clock in the evening; sponsored by Noval Properties.
Business leaders: Spanish investment is vital to tourism in the Dominican Republic
The Dominican Republic's main tourist area is the eastern region, which currently boasts 45,800 hotel rooms and another 3,000 under construction. Of these, 80% are Spanish-owned. According to Ernesto Veloz, president of the Eastern Hotels Association (Asoleste), Spanish investment in the tourism sector is "vitally important" to the development achieved in the eastern part of the country.
High uncertainty forces the Central Bank to raise the rate
The Central Bank announced yesterday an increase in the monetary policy rate from 6.50% to 7.25%, a rise of 75 basis points. In a statement, the monetary and financial authority indicated that the rate for the permanent liquidity expansion facility (1-day repos) will increase from 7.00% to 7.75% annually, and the rate for remunerated deposits (overnight deposits) will increase from 6.00% to 6.75% annually. It explained that this decision is based on a thorough evaluation of recent global economic performance and its impact on inflation, influenced by geopolitical conflicts and the global cost shock.
Politur guarantees the safety of tourists in the Dominican Republic
The director of the Central Directorate of the Tourist Police (Politur), Brigadier General Minoru Matsunaga, said yesterday, Thursday, that the safety of local and foreign tourists is guaranteed in the Dominican Republic.
Banks support the creation of the Extinction of Ownership Law with some recommendations
The Dominican Republic's Multiple Banking Association (ABA) stated yesterday that the inclusion of a Law on Extinction of Ownership for the Civil Confiscation of Illicit Assets within the Dominican legal framework is an important tool for the State to target criminal economic structures beyond the criminal process, although some observations necessary for its efficient application must be taken into account.
The future of tourism must be inclusive and sustainable
Tourism business leaders affirmed that the sector is experiencing a rapid recovery, but the pandemic has demonstrated that its future growth must focus on sustainability, resilience, and inclusivity. This was the assertion made by Julio Llibre, president of Coral Hospitality Corp; Luis López, CEO of AMHSA Marina Hotels & Resorts; and Simón Suárez, vice president of Grupo Puntacana, as speakers at the business breakfast “A Journey Through the History of Dominican Tourism,” organized by the Official Spanish Chamber of Commerce in the Dominican Republic.
ECLAC highlights Dominican Republic's progress in estimating tax expenditure
The Economic Commission for Latin America and the Caribbean (ECLAC) highlighted the experiences of Mexico and the Dominican Republic regarding significant progress in estimating tax expenditures and quantifying the tax benefits or incentives used to promote certain sectors, activities, regions or agents of the economy, following the effects of the COVID-19 pandemic.
Lack of cryptocurrency regulation does not impede its growth in the Dominican Republic
Although the use of virtual currencies is not regulated by financial institutions in the Dominican Republic, 85% of consumers report having used an emerging payment method (biometrics, cryptocurrencies, QR codes, and contactless payments), and 52% indicate they are using cryptocurrencies more this year than in previous years, according to a survey. Mastercard recently published the New Payments Index, which annually evaluates consumer behavior regarding payment methods .
Customers will pay more for energy starting this month amid dissatisfaction with service
If we compare the electricity rates in effect in October of last year with the new rates taking effect today, residential customers consuming between 0 and 300 kWh will see increases ranging from 221.66 pesos to 661.70 pesos in nine months, while small businesses will see increases ranging from 370.98 pesos to 1,096.14 pesos. With the transitional rates approved by the Superintendency of Electricity (SIE) for the July-September quarter, as part of a gradual phase-out of the electricity subsidy, an Edesur residential customer who paid 4,311.55 pesos for consuming 464 kWh in June would pay approximately 4,650 pesos if they consume the same amount in July.
Central Bank will penalize entities that operate in cryptocurrencies
The Central Bank of the Dominican Republic (BCRD) warned that institutions directly or indirectly involved in the marketing or use of any type of virtual currency could face severe penalties under Law 183-02, which addresses participation in prohibited operations. The BCRD clarified that it does not regulate, supervise, or guarantee these assets in any way. Consequently, regulated institutions within the national financial system are not authorized to use or conduct transactions with them within the Dominican Republic's Payment System.
Arajet presents its team of operational safety experts to IDAC
The new Dominican low-cost airline, Arajet, presented its operational safety team to the interim director of the Dominican Institute of Civil Aviation (IDAC), Héctor Porcella. The team comprises leading experts with extensive international experience in aviation safety process management. Víctor Pacheco Méndez, Arajet's CEO, explained that the airline is diligently preparing to connect the country with other markets through a quality management system that guarantees the highest safety standards for its passengers and operations.
Source: Diario Libre, El Día, Hoy, Listín Diario.
