The Central Bank raises the interest rate from 5% to 5.50% annually; the price of WTI oil falls more than 5%; the world's economies have been battered by inflation; Dominican banking advances in competitiveness, sustainability, and inclusion; Scotiabank will have a new CEO in the Dominican Republic; government officials pass zero interest rate bill in session, questioned by the opposition; the government proposes to invest 6 billion pesos through ParquéateRD; the yacht Flying Fox would spend up to US$45,000 daily due to its stay in Dominican waters; the US releases 180 million barrels of oil from its strategic reserve to curb rising gasoline prices; Zelensky demotes two Ukrainian generals for being "traitors"; Putin will suspend gas contracts if countries do not pay rubles.
The Central Bank raises the interest rate from 5% to 5.50% annually
The Central Bank of the Dominican Republic (BCRD) increased its monetary policy interest rate by 50 basis points, from 5.00% to 5.50% annually. Regarding the interest rate corridor, the rate for the permanent liquidity expansion facility (1-day repos) increased from 5.50% to 6.00% annually, and the rate for remunerated deposits (overnight) increased from 4.50% to 5.00% annually.
WTI oil price falls more than 5%
The price of WTI crude, the US benchmark, fell more than 5% on Thursday amid reports that Washington is considering releasing one million barrels per day for several months to mitigate the crisis caused by the invasion of Ukraine. West Texas Intermediate crude prices dropped 5.21% to $102.20 per barrel, while Brent crude, the European benchmark, fell 4.23% to $108.65 per barrel.
The world's economies have been crippled by inflation
The armed conflict between Russia and Ukraine, coupled with the consequences of the Covid-19 pandemic, has driven global economies to record-high inflation rates. This year, oil prices have soared due to international uncertainty stemming from geopolitical conflicts that have limited global crude oil production and supply.
The Dominican banking sector is making progress in competitiveness, sustainability, and inclusion
The president of the Dominican Republic's Association of Multiple Banks (ABA), Rosanna Ruiz, said that, in the World Economic Forum (WEF) ranking, Dominican multiple banking climbed 36 positions in terms of development and 51 positions in terms of ease of access to loans, "which demonstrates an increasingly competitive sector."
Scotiabankwill have a new executive director in the Dominican Republic
Scotiabank announced that it will appoint Gonzalo Gil as CEO and Country Head of Scotiabank Dominican Republic, effective May 1, 2022, subject to regulatory approvals. Gil will replace Gonzalo Parral, who, after a successful career of more than 10 years at Scotiabank, will be leaving the bank on May 31, 2022, according to a statement.
Government officials pass zero tax rate in session, opposition questions
In a session marked by disputes between the ruling party and the opposition over questions about the voting procedure, the Chamber of Deputies approved in its first reading the bill that imposes a zero tariff on several food items included in the basic family food basket. Although the ruling party deputies secured the necessary votes to pass the initiative in its first reading, the opposition parties united to denounce the fact that the voting method required by law was not used.
The Government plans to invest 6 billion pesos through ParquéateRD
The Government, through the ParquéateRD Trust, plans to invest around RD$6 billion in the construction of parking lots in the National District, Santiago and San Cristóbal in the remaining years of the current administration.
The Flying Fox yacht would spend up to US$45,000 per day while staying on Dominican coasts
The forced stay of the luxury yacht Flying Fox off the Dominican coast is generating operating expenses that could exceed $45,000 per day. This estimate was provided by a source familiar with the maritime industry and the management of pleasure craft, as reported by Diario Libre
The US releases 180 million barrels of oil from its strategic reserve to curb rising gasoline prices
The U.S. government has decided to release 180 million barrels of oil from its strategic reserves in an effort to curb the recent rise in gasoline prices, according to President Joe Biden. The release of 180 million barrels represents 25% of the total oil stored in the strategic reserve, based on last week's stock data.
Zelensky demotes two Ukrainian generals for being "traitors"
Ukrainian President Volodymyr Zelensky demoted two generals for "violating the military oath of loyalty to the Ukrainian people," based on the Armed Forces' disciplinary statute.
Putinwill suspend gas contracts if countries do not pay rubles
Russian President Vladimir Putin stated on Thursday that he will suspend gas supply contracts if "unfriendly" countries do not pay for the fuel in rubles and do not open a ruble account at Gazprombank. "Today I signed a decree establishing the rules for trading Russian natural gas with so-called unfriendly countries," which will take effect on April 1, the Russian leader noted shortly before a meeting with the aviation industry.
Sources: Hoy, Listín Diario, El Día, Diario Libre, El Caribe
