Popular, at the head of the leading banks.
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.
Written by: josean, 22 Jan 2009 2:39 PM
From: United States, Show your Love for DR Vote AGAINST the PLD!
Lie!
Written by: juanb, 22 Jan 2009 2:42 PM
From: Dominican Republic
No, Josean, it is true that the banks are making a fortune. Unfortunately the fact that the banks are making more profit, due mostly to their usurous interest rates, does nothing to help the life of the non bank owning citizens. In fact the interest rates, which benefits only the banks shareholders, does great damage to the average citizen.
From: United States
Those of us following the fate of public banks in US can snicker a bit. Remember a bank's profits are in large part what the bank says they are. The bankers set their reserves for losses, the bankers value their loan portfolio, the bankers can delay write-offs, and only the bankers know if they have additional off-balance sheet liabilities. One year they judge that they've made billions, the next they are charging off billions...AFTER they've taken bonuses.
Hopefully not the case here, just saying...
From: Dominican Republic, Bonao
true!
, josean you can handle the true :))
From: Dominican Republic, Bonao
it can make a damage to extreme poor citizens but to middle class like my parents nothing at all...
Written by: josean, 22 Jan 2009 9:20 PM
From: United States, Show your Love for DR Vote AGAINST the PLD!
Did you fall of the gurney at birth?
From: United States, Fresh Water Paradise-NY Finger Lakes
With such a monumental gap between the rich and poor classes in DR, how is "middle class" defined?
Written by: Jander, 22 Jan 2009 11:28 PM
From: Dominican Republic
After the baninter fiasco the DR banks are being run under a microscope.
I have a tax advisor here who is like a brother and he is assured me that for now everything is safe.
Don't take my word for it but rather do your own due diligence.
Beleive you me I am watching everything for my own good and feel safe.
Even with the US being in the crapper the dollar is very strong in comparision to the Euro or British Sterling. The Brits economy is on the eve of destruction and European Union not far behind. Lets hope they stabalize that situation.
The DR Peso is stuck to the US dollar (thank God)
Already this month the Dollar is up 7.68 % against the Euro and 6.17 agains the pound.
We are down 2.07 percent against the yen, so expect trade with China to decrease until that flatens out.
Written by: Jander, 22 Jan 2009 11:49 PM
From: Dominican Republic
FYI: for those of you who don't know much about the DR or live here in fear.
The most stable investment I have is a Certificate of Deposit at the Central Bank.
14% over 30 months while I have watched stock investments disintegrate I can always count on that monthly deposit . Thi=us the reason why it costs so much to borrow.
My advise don't borrow and if you do borrow from outside.
This is the Dominican Republics best kept secret . While foreigners are afraid they will get burned the ones that live a good life just on interest literally laughing all the way to the bank.
Fixed-Term Investment Certificates
Terms
Annual Interest Rates
180 days 8%
365 days 10.5%
18 months 11%
24 months 12%
30 months 14%
36 months 16%
http://www.bancocentral.gov.do/english/investment_instruments.aspWritten by: Jander, 22 Jan 2009 11:52 PM
From: Dominican Republic
PS the CD is in DOP not USD
From: United States
Jander don't you worry about severe and sudden devaluations?
From: United States
jander man dont let your secrets out like that..lol
From: Cuba, it is a secret the censors are looking for me
Jander and Manny do you think a devaluation gradual or sudden is in the stars ? gradual for sure but how gradual?
From: Cuba, it is a secret the censors are looking for me
its Imperial Wizard you Moron ....still dealing the race card ....how many did you borrow from your boss
From: United States
GC as of today tings are too murky to read. Wile the US will shortly be running the presses again and minting tons of money the slow down in activity may counteract the threat of inflation...we may even see deflation. Also I noticed the US dollar gaining significantly against the British pound (!), which is a very odd development. SO I dunno what will happen to US dollars or Dominican pesos, but if we look at history devaluations are not exactly rare events in DR.
From: Cuba, it is a secret the censors are looking for me
they say the brits are really circling the drain
From: United States
That's what sources I follow are saying as well. Not long ago it was almost $2 to a pound! The ruble is also allegedly smoked. Though that won't cause as much global financial pain I don't think a desperate Russia is a positive thing.
From: Cuba, it is a secret the censors are looking for me
you got that right about the Russians
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Hopefully not the case here, just saying...
, josean you can handle the true :))
I have a tax advisor here who is like a brother and he is assured me that for now everything is safe.
Don't take my word for it but rather do your own due diligence.
Beleive you me I am watching everything for my own good and feel safe.
Even with the US being in the crapper the dollar is very strong in comparision to the Euro or British Sterling. The Brits economy is on the eve of destruction and European Union not far behind. Lets hope they stabalize that situation.
The DR Peso is stuck to the US dollar (thank God)
Already this month the Dollar is up 7.68 % against the Euro and 6.17 agains the pound.
We are down 2.07 percent against the yen, so expect trade with China to decrease until that flatens out.
The most stable investment I have is a Certificate of Deposit at the Central Bank.
14% over 30 months while I have watched stock investments disintegrate I can always count on that monthly deposit . Thi=us the reason why it costs so much to borrow.
My advise don't borrow and if you do borrow from outside.
This is the Dominican Republics best kept secret . While foreigners are afraid they will get burned the ones that live a good life just on interest literally laughing all the way to the bank.
Fixed-Term Investment Certificates
Terms
Annual Interest Rates
180 days 8%
365 days 10.5%
18 months 11%
24 months 12%
30 months 14%
36 months 16%
http://www.bancocentral.gov.do/english/investment_instruments.asp