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Santo Domingo.- The International Monetary Fund’s (IMF) Executive Directory took into account, among other factors, the strength of the Dominican banking sector to establish the US$1.7 billion the Stand-by Agreement.

In a statement the IMF executive directors stressed that in the conclusion of the 2009 consultation with the Dominican Republic, they see with approval the monetary authorities’ commitment to a flexible exchange rate and noted that the evaluation team found that the real exchange rate in effect is generally well based.

They also hailed the significant improvements in the banking sector’s regulation, supervision and financial solidity. “As the result of previous reforms, the Dominican banking sector remains liquid, reliable and profitable, in spite of the global credit crisis.”

The IMF Executive Directory approved the 28 month Agreement which entails US$1.7 billion on November 9.

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COMMENTS
5 comment(s)
Written by: pelaut, 16 Nov 2009 9:18 AM
From: United States
what?
Written by: Vivacuba, 16 Nov 2009 10:10 AM
From: Dominican Republic
Now it's time to bankrupt the Dominican banks after the loan disbursement. Oh Wait, that's just what the IMF wants. Dah.
Written by: xwill7, 16 Nov 2009 11:41 AM
From: United States, El cuarto bate
ladrones
Written by: Botemon, 16 Nov 2009 1:47 PM
From: Dominican Republic, La Isabella
"They also hailed the significant improvements in the banking sector’s regulation, supervision and financial solidity. “As the result of previous reforms, the Dominican banking sector remains liquid, reliable and profitable, in spite of the global credit crisis.”

If this is true, why are they giving them money? Stupid question I know. BOHICA!
(Bend Over Here it Comes Again!).
Anybody have a clue as to which banks will be receiving these funds? RESEARCH!
Written by: Ricardolito, 16 Nov 2009 4:08 PM
From: Dominican Republic, vieja Santo Domingo
Yes ..the banks must stay strong,have good lines of credit and also be active in the recovery..most of the top banks around the world have been making new issues of shares and debentures to ensure they have a good base for growth ..without this a country cannot grow ...
There is no mention that any of the Dominican banks will receive any of the recently announced loans.
The other important statement here is the commitment here to a flexible exchange rate ..now that is good news and depending on one's views may be a great opportunity for either importers or exporters..I am not sure if the current rate is well based or not ,,but the IMF seems to think it is about right .
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