Real Estate & Economic News in Dominican Republic from Propertyshowrooms.com

Dominican Republic 'coping well in downturn'

Mon, 23 Mar 2009 00:00:00 GMT

The Dominican Republic's economy is coping better than many others in the face of the world downturn, the country's president has said.

Leonel Fernandez told a meeting organised by the Economist Group this week that their prediction of one per cent growth for the country's gross domestic product will be exceeded, with the island actually achieving three per cent.

Such growth could help bolster the property market in the Caribbean country.

Tourism has held up better than expected, President Fernandez stated, comments that may interest those looking to invest in holiday lettings.

In an article on the Dominican Republic's tourist appeal, the Baltimore Examiner listed a number of "wonderful" places to explore.

These included Boca Chica with its lagoon, white sandy beaches, watersports and scuba diving, La Romana, which it stated is "considered by many to be without equal in the Caribbean" and Santiago, located in the country's main cigar producing area.

Fernandez to speak on the global crisis on Monday

Thu, 4 Dec 2008 00:00:00 GMT

SANTO DOMINGO.- President Leonel Fernandez will address the country next Monday, to speak about the world’s financial and economic crisis and about the measures the Government is taking to ease the impacts it’s expected to have in the Dominican Republic...

Exchange houses claim discrimination

Thu, 4 Dec 2008 00:00:00 GMT

The placement of dollars channeled through financial institutions and without the participation of the currency exchange agencies that act within the market constitutes a privilege by the Central Bank that favors one sector in prejudice of another.

This is the opinion of Augusto Peignand, the president of the Dominican Association of Money Exchangers (Adocambio), as he questioned the fact that the monetary authorities did not take the exchange houses in to account for the latest injection of dollars that was announced by the Central Bank and that was said to be between US$50 million and US$100 million.

Peignand said, "We were not involved and we do not know why; we barely knew of the injection through the press, when we understand that we should all be called in." Peignand said he was trying to get the Central Bank to explain why the exchange houses had been excluded from the distribution of the dollars. He said he felt that as a part of the regulated agencies in the market, they should have been allowed to participate on an equal basis with the financial institutions in order for the sale of dollars to be more equitable, especially if this were to be done based on the amounts handled by each sector.

Some economists questioned by Diario Libre reporters on this issue said they also understood that with the opening of all of the sectors dollars could be sold at better prices and as a result, the authorities obtain greater profits.

Legislator and president of "Comercializadora de Capitales" currency exchange company Alberto Atallah indicated that they were not convened despite the fact that new injections of dollars have always been an open matter. He said, "I understand that when the injection-of dollars-is made in an open way, there is a greater effect because it is not the same thing when you reach 30 intermediaries and they reach a much greater group of clients in medium-sized operations. This, logically, creates a greater impact, because people see that there is a flow of money, and you can put a halt to what could be, not speculation, but rather expectations."

Echoing Atallah's statement, another six representatives from the exchange sector said that they had not been informed about the injection of dollars and they wondered why the Central Bank had excluded them. Although Diario Libre tried to get an explanation from the Central Bank, as of yesterday it was not forthcoming. The economist and member of the PRD party's policy commission, Andres Dauhajre, emphasized the discretional powers that the monetary authorities have over the process of injecting dollars, although he understands that the ideal thing would be equal distribution across the entire sector.

When he was questioned about the way that the monetary interventions were carried out, he answered, "What is perceived is that the Central Bank uses an inefficient mechanism that loses them money." He explained the "we are dealing with placing dollars at a below-market rate and when the Central Bank purchases dollars, they do it more expensively, and this difference generates a loss in the exchange of money for the Central Bank."

Dominican Republic has a Law on International Financial Zones

Wed, 3 Dec 2008 00:00:00 GMT

SANTO DOMINGO.- The Chamber of Deputies passed the bill that creates International Financial Zones in certain geographic demarcations in the Dominican Republic, including a legal framework for its operations...

Fewer visitors should “seriously concern” Dominican tourism industry, ONG says

Mon, 24 Nov 2008 00:00:00 GMT

Santo Domingo.- The arrival of international tourists to Dominican Republic fell 11%, from 234,709 in October last year to 209,616 the same month this year, said the nongovernment organization Quisqueya Foundation, which affirms that the decline should “seriously concern” the Dominican tourism industry...

World Bank praises Dominican Republic’s tax reform push

Tue, 11 Nov 2008 00:00:00 GMT

Washington, D.C.- A worldwide tax reform movement is building up steam, with the reduction of corporate income taxes the most popular measure adopted over the last year...

Inflation back to single digits

Tue, 11 Nov 2008 00:00:00 GMT

The Central Bank reports that the consumer price index variation in October was 1.05% less than in September. According to the Central Bank, accumulated inflation so far this year (January-October) is 9.6%. The CPI is reflecting the decline in the price of fuel on the local market...

Dominican President congratulates Dubai World

Sun, 9 Nov 2008 00:00:00 GMT

Dubai.– Dominican president Leonel Fernandez highlighted the development strategy followed by Dubai World and its companies and...

Dominican President attends World Economic Forum in Dubai

Sat, 8 Nov 2008 00:00:00 GMT

Dubai.– Dominican president Leonel Fernandez attended the opening of the World Economic Forum in Dubai, which ends tomorrow and had an inaugural speech by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai.Speaking at the start of the Global Agenda Councils’ sessions...

France wants to boost 130M Euro yearly trade with Dominican Republic

Thu, 6 Nov 2008 00:00:00 GMT

SANTO DOMINGO.- France ambassador Roland Dubertrand said his country is interested in boosting trade with the Dominican Republic, as part of the economic association agreement with Europe, signed October 15...

Boosting tourism in the Dominican Republic

Tue, 22 Jul 2008 00:00:00 GMT

To help boost tourism to the country, the Dominican Republic is spending over $25 million on improving it’s beaches. With cuts in flights, the credit crunch and recent power cuts, officials are concerned that fewer tourists are visiting the area therefore they are hoping that their beach investment will not only attract more tourism, but...

Investment boost in Dominican Republic points to property surge

Wed, 9 Jul 2008 00:00:00 GMT

Major investment and development in the Dominican Republic is set to boost the Caribbean islands tourism and property investment industries...