Dominica Republic Banking, Financial Centre, Banks in Dominican Republic

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Economy—overview: Economic reforms launched in late 1994 contributed to exchange rate stabilization reduced inflation and strong GDP growth in 1995-96. In 1996 there was increased mineral and petroleum exploration and a new investment law that allows for repatriation of capital dividends has drawn more investment to the island. Upon coming to power in August 1996 President FERNANDEZ nevertheless inherited a trouble-ridden economy hampered by a pressured peso a large external debt nearly bankrupt state-owned enterprises and a manufacturing sector hindered by daily power outages. In December FERNANDEZ presented a bold economic reform package—including such reforms as the devaluation of the peso income tax cuts a 50% increase in sales taxes reduced import tariffs and increased gasoline prices—in an attempt to create a market-oriented economy that can compete internationally. Even though reforms are moving ahead at a slow pace the economy grew vigorously in 1997 with tourism and telecommunications leading the advance. The government is working to increase electric generating capacity a key to continued economic growth.

GDP: purchasing power parity—$38.3 billion (1997 est.)

GDP—real growth rate: 7% (1997 est.)

GDP—per capita: purchasing power parity—$4 700 (1997 est.)

GDP—composition by sector:

agriculture: 15%

industry: 22%

services: 63% (1995)

Inflation rate—consumer price index: 10.9% (1997 est.)

Labor force: 2.3 million to 2.6 million

by occupation: agriculture 50% services and government 32% industry 18% (1991 est.)

Unemployment rate: 30% (1996 est.)

Budget:

revenues: $2 billion

expenditures: $2 billion including capital expenditures of $994 million (1996 est.)

Industries: tourism sugar processing ferronickel and gold mining textiles cement tobacco

Industrial production growth rate: 6.3% (1995 est.)

Electricity—capacity: 1.447 million kW (1995)

Electricity—production: 6.5 billion kWh (1995)

Electricity—consumption per capita: 865 kWh (1995)

Agriculture—products: sugarcane coffee cotton cocoa tobacco rice beans potatoes corn bananas; cattle pigs dairy products meat eggs

Exports:

total value: $815 million (f.o.b. 1996)

commodities: ferronickel sugar gold coffee cocoa

partners: US 45% EU 34% Canada Japan Puerto Rico (1995)

Imports:

total value: $3.7 billion (f.o.b. 1996)

commodities: foodstuffs petroleum cotton and fabrics chemicals and pharmaceuticals

partners: US 44% EU 16% Venezuela 11% Netherlands Antilles Mexico Japan (1995)

Debt—external: $3.6 billion (1997)

Economic aid:

recipient: ODA $21 million (1993)

Currency: 1 Dominican Republicn peso (RD$) = 100 centavos

Exchange rates: Dominican Republicn pesos (RD$) per US$1—14.332 (December 1997) 14.265 (1997) 13.775 (1996) 13.597 (1995) 13.160 (1994) 12.676 (1993)

Fiscal year: calendar year

Dominica Republic Bank Accounts, Swiss Bank Account, Private and Private Accounts. Offshore Banks Accounts, Investment Banks, Offshore Wealth Management Services and Family Office. Asset Protection, Dominica Republic Banks, services, investing and offshore services.

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= Banco Hipotecario Dominicano (BHD)
= Banco Central de la República Dominicana
= Banco Continental de Desarrollo, S.A.
= Banco León (formerly Bancredito)
= Banco Popular Dominicano (BPD)
= Banco de Reservas
= Banco Progreso
= Banco Altas Cumbres
= Cardnet (formerly ATH Dominicana) Electronic payments processor.
= Banco BDI