SANTO DOMINGO. - Dominican Republic’s financial system posted after-tax gains of more than RD$12 billion, or RD$2.6 billion more than the previous year, said a Banks Superintendence report released today.

“Of the total of these gains after taxes, multiple banks made RD$10.2 billion, almost RD$2.0 billion more than 2007, and equal to a yield of 39.1% on paid capital. The savings and loans associations poster gains of RD$1.2 billion, equal to a yield of 8.3% with respect to their asset reserves," it said.

The report, Dominican Financial System During 2008, notes that the world’s economy underwent “an atmosphere of great turbulences in international the financial markets, which brought about the deceleration of the majority of the developed countries, the fall of the demand for goods and services, the contraction of international credit, as well as the increase  the financing costs.”

“This international financial conjuncture presented some challenges at the local level. Those challenges were faced by measures of economic policy,” adds the report, released in a press conference headed by Banks Superintendent Rafael Camino.