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SANTO DOMINGO. - Dominican Republic banks are considered some of the world’s most solid, after ranking 34th among 142 countries, according to the World Economic Forum study in the 2011-2012 Global Competitiveness Index.

The statement is by Dominican Republic Commercial Banks Association (ABA) president Jose Manuel Lopez Valdes, who affirmed that the indicator not only shows the banking sector’s vigor, but also the fact that in the last few years the solvency   index of local banks has been much higher than local and international standards.

“The fact that we’re in 34th place shows that the country’s banks are ready to face any aspect that derives from the global economic situation."

The ABA president said all areas analyzed by the international entity, from education and basic health, infrastructure, macroeconomic environs, among others, which are related with the banks, place Dominican Republic among the highest positions compared with other countries.

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COMMENTS
9 comment(s)
Written by: lsantiago77, 14 Sep 2011 3:47 PM
From: United States
thats not a surprise when they abuse their customers, after the first year on almost every financial institution the mortgage rates jump to abour 20 percent APR on interests. Before back in 2008 it was around 24 percent when in most other countries like the states its around 4-5 percent. plus the fact they only guarantee i think 100 thousand pesos of your money in case the bank goes bankrup which is a mere 3 thousand dollars. so all in all its not a surprise they rank so high due to the pounding in the a$$ loans and services they give their customers
Written by: lsantiago77, 14 Sep 2011 3:57 PM
From: United States
someone correct me if am wrong but didnt this country rank 110 http://www3.weforum.org/docs/WEF_GCR_Report_2011-12.pdf ?

the report on DR is funny as it says 16 percent of the reason not todo business in DR is because of corruption
Written by: dkwannabe, 14 Sep 2011 4:19 PM
From: Dominican Republic
@lsantiago77
You are sort of wrong. 110 overall, but if you go to p. 165 of the cited report there it lists rank 34 in the banking sector.

How about that 140 out of 142 for diversion of public funds.....?
Written by: lsantiago77, 14 Sep 2011 4:33 PM
From: United States
i saw that 140 ranking out of 142 countries, how about 142 ranking out of 142 countries for police services LMAO hahah that is just too funny.
Written by: bernies, 14 Sep 2011 6:03 PM
From: United States, key west fl
Isantiago, the APR mortgage rates in USA corrency is between 8 to 9.5% and not 24%, that onlys happens with personal loans and for pesos loan so please get your facts straight before making this false statements. I saying this because I am in the real estate business and that is what the banks are charging.
Written by: VeronicaDR, 14 Sep 2011 6:08 PM
From: United States
I moved all my money out of the DR. There is no safe place to keep your money here. Dont let anyone tell you any different. The ATMs and banks do no guarantee your money. If something happens you are on your own. Keep cash well hidden but it is your safest bet here.
Written by: lsantiago77, 14 Sep 2011 10:58 PM
From: United States
bernies, if u could be so kind as to show me the page of one of the dominican financial institution where it says mortgafe loans are around 8 percent, the lowes it is at the moment is around 12 and its only for the first year, u know after the first year it goes up to at least 18 or 20, thats very hidden in the contracts. so since ur in real estate i know u put sugar on everything u say, but u never giv customers the real truith,
Written by: DomLon, 15 Sep 2011 8:00 AM
From: United Kingdom
I think we need a little bit more information before one can comment on this. Come on Dominican Today reporters - yet another example of a press release posted as a news story - where is the background? the comments?
Written by: danny00, 16 Sep 2011 10:44 AM
From: United States, syosset, key west, santo domingo AND NOW THE GLOBE TROTTER
many times we only get 1/2 the story the guy above is correct in this comment.
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