Euromoney awards Banreservas the prize for “Best Bank in the Dominican Republic,” Banco Popular is chosen as the Best Company to Work For, the euro is worth less than a dollar amid speculation that the Fed will raise rates further, more than 70 companies show interest in investing in the border region, rural women and youth will contribute to the tourism sector, Valdez Albizu highlights the resilience of the Dominican economy at the 295th meeting of the Central American Monetary Council, inflation continues to climb, the Superintendency of Banks strengthens its supervisory body, the minister says fuel subsidies are targeting more than RD$40 billion, and work begins today on the Juan Pablo Duarte Bridge.
Euromoney awards Banreservas the title of “Best Bank in the Dominican Republic”
Banreservas' CEO, Samuel Pereyra, received the "Best Bank in the Dominican Republic" award from the prestigious international magazine Euromoney. During the ceremony held in London, various international banking institutions were recognized for their achievements in different categories. In Banreservas' case, the publication highly valued the bank's size, profitability, and superior performance compared to its peers.
Popular chosen as Best Company to Work For
Banco Popular Dominicano was chosen as the best company to work for by Mercado magazine, marking the tenth consecutive time it has received this recognition for its human talent management. At the end of last year, Banco Popular's workforce consisted of an average of 6,988 employees, whose connection to the company provides "security, peace of mind, and optimism for the future," as the magazine stated in its July edition.
The euro is worth less than a dollar amid speculation that the Fed will raise rates further
The euro fell below one dollar again yesterday as risk aversion leads investors to seek refuge in the greenback and due to speculation that the Federal Reserve (Fed) will be even more aggressive and raise its interest rates by a larger amount.
More than 70 companies show interest in investing in the border area
The Plenary of the Coordinating Council of the Border Special Development Zone (CCDF) announced yesterday the opening of the application period for investment projects interested in developing them in the border zone, taking advantage of the tax incentives established in Law 12-21. "Many companies have already visited our offices inquiring and hoping for this application process. We can say that more than 70 companies have already approached us expressing interest in investing in the border region.".
Rural women and youth will contribute to the tourism chain
Rural women and youth in three developing tourist provinces of the Dominican Republic will become part of the value chain of this important economic sector through their agricultural products. To this end, the Food and Agriculture (FAO) and the Ministry of Tourism launched the project for the provinces of Pedernales, Samaná, and Montecristi.
Valdez Albizu highlights the resilience of the Dominican economy at the 295th meeting of the Central American Monetary Council
The Governor of the Central Bank, Héctor Valdez Albizu, participated as the first speaker at the 295th Ordinary Meeting of the Central American Monetary Council (CMCA), composed of the presidents of the Central Banks of the region, where the performance and economic prospects of the countries of Central America and the Dominican Republic were discussed, with the participation of officials from the IMF and the IDB, as special guests.
Inflationary spiral continues
The International Monetary Fund's (IMF) warnings of a possible global economic recession starting in 2023, coupled with the signals the US Federal Reserve (Fed) has sent regarding the monetary policies of central banks in numerous countries, are becoming a trend. The Dominican Republic is also part of this trend. Currently, overall inflation, in year-on-year terms, closed in June at nearly double digits (9.48%), and for June alone it reached 7.11%.
Superintendency of Banks strengthens its body of supervisors
The Superintendency of Banks (SB) reported yesterday that it is implementing a strategy to strengthen its supervisory body, which is responsible for the main mission assigned to the institution by Monetary and Financial Law 183-02. "To date, the initiative has yielded significant results, raising the professional profile of the team," the SB reported. In two years, the supervisory body indicated that it has increased the percentage of employees with a master's degree from 44.8% to 52.4%.
Minister: Fuel subsidy targets more than RD$40 billion
The newly appointed Minister of Economy, Planning and Development, Pavel Isa, defended on Thursday the Dominican government's spending on subsidies for various products, such as fuel and basic food items, due to the international crisis impacting the Dominican Republic. "The subsidies are containing price increases, and I must say that in the case of the fuel subsidy... other countries are resorting to this," he said during an interview on the program "El Despertador," broadcast by Grupo SIN on Color Visión, channel 9.
Work begins today on the Juan Pablo Duarte Bridge
The Minister of Public Works, Deligne Ascención, reported that for the intervention of the Duarte bridge, starting this Friday, a road design has been created that will impact vehicular traffic as little as possible during the approximately 60 days that the works will last.
Source: Diario Libre, El Día, Hoy, Listín Diario.
