More tourists! Prediction for the best winter season in history

Punta Cana – The president of the Association of Hotels of the East, Ernesto Veloz, predicted that the coming winter season would be the best in the history of the Dominican tourism industry. He specified that publicity work has been done to attract the most significant number of tourists and that the hotel plant is in excellent condition, while the airport of Punta Cana has renovated many parts and is finalizing a terminal.

“We are totally ready for everything that may come and we have done important international work” through visits to different fairs, he said.

Reservations indicate that the winter season will be one of the best for hotels in the East, he said. He pointed out that the hotels that were affected by Hurricane Fiona will start operating next month.

Amber Cove and Taino Bay ports, booming with 20 cruise ships this month

This October 2022, 24 tourist cruises will arrive in the province of Puerto Plata through the Amber Cove and Taíno Bay terminals.

According to the official calendar of the Ministry of Tourism (Mitur), 14 of these boats are scheduled to dock in the port of Amber Cove (Maimón) and ten by Taíno Bay.

The cruise ships Scarlet Lady, Norwegian Sky, Celebrity Infinity, MSC Seashore, and Allure of the Seas will arrive at the Taino Bay terminal, which will visit Puerto Plata for the first time following Monday, October 31.

While the Amber Cove port, located in the bay of Maimón, will receive Carnival Mardi Gras, Carnival Legend, Carnival Spirit, Carnival Freedom, and Norwegian Prima, which arrived for the first time in this Atlantic city last Tuesday, 18.

The authorities of the area emphasize that the thousands of cruise passengers who arrive in Puerto Plata boost the economic activities of this destination. These tourists spend an average of $80 during their visits to small and medium-sized local businesses, according to AlMomento.

Travelers leave in the morning and return to the boats in the evening after visiting the many attractions of beaches, rivers, and historical and cultural places, in addition to receiving the hospitality of Puerto Plata.

Colombian Ultra Air plans to arrive in the DR the following year

The Dominican Republic is the target market for the Colombian low-cost airline Ultra Air’s global expansion because it experiences high demand from visitors to that South American nation. In an interview with REPORTUR.co, William Shaw, the founder and CEO of Ultra Air, said, “After a year of local operation, we could start operating globally. In this way, we are assessing the markets to determine the best foreign channels for our ultra-low-cost strategy. We anticipate beginning operations in the first part of 2019 and are considering opportunities to expand to countries such as Venezuela, Ecuador, the Dominican Republic, the United States, and Mexico.

With its arrival in the Dominican Republic, Ultra Air will increase competition among Colombian airlines that have also identified the DR as a key market for growth, including Wingo, Avianca, and others. This is in addition to Arajet’s recent offensive between the two markets.

William Shaw stated in a statement on airline news that “This month we started operating new routes from Medellin to San Andrés, Barranquilla, and Monteria, with which we continue to enhance our promise to connect the country. Our Medellin-Cucuta route will be launched in December, leaving us with 17 routes and 10 national destinations in 2022. Similar to that, we are making adjustments to improve customer service at all times and make it friendlier for customers to shop on our website. We proceed to expand.

United States and open skies agreement would soon be signed

Following months of discussions, President Luis Abinader stated today that “in the future weeks we may already think about signing the agreement” of open skies with the United States. ” This arrangement is crucial because it will bring higher quality and more competitiveness to a sector that desperately needs both “the official added. The government is providing incentives to encourage the establishment of new businesses, which, he continued, “would also imply lowering the prices of (air) tickets to the United States.”

A prospective recession in Europe and the United States could have a variety of consequences on Dominican tourism, which President Abinader also examined yesterday. The president is aware that it would be important to research the percentage of these economies that are impacted and investigate the nature of the crises those economies go through. He pointed out, for instance, that full employment exists despite the American economy’s problems. Accordingly, he explained, “if there is full employment, it suggests that there is a demand that will still be maintained, and the estimates that we have through March are extremely strong.”

The situation, in the president’s opinion, “may influence another time.” However, the forecasts we have up to March are fairly confident. Abinader stated that the administration is still extremely attentive and will take more publicity measures to counteract any economic decline.

Dominican cuisine: supporting and promoting the travel and tourism sector

Counting culinary travelers is almost impossible, after all, everyone eats. However, food is a point of differentiation for many destinations and, in the case of the Dominican Republic, it influences the reasons why tourists arrive in the Caribbean country. “There are three things for which travelers go to a destination: a good climate, a good beach and delicious food”, as summarized by the chef of the Barceló Bávaro Grand Resort and Occidental Caribe, Hilario Martínez, during the opening ceremony of the Culinary Week 2022, an event that seeks to publicize the hotel’s gastronomic offer.

The World Food Travel Association is more specific. A survey found that 59% of tourists believe that food and drinks are “important” when traveling. During the opening of the seventh edition of the culinary event, the commercial director of the complex, Zarina Montalvo, said: “we try to bring diners a small sample of the diversity of flavors, textures and smells that gastronomy can offer”. “Gastronomy is much more than food. It reflects the culture, heritage, traditions and sense of community of different peoples. Tourists seem to be aware of this.” Chef Martínez indicated that travelers from any country want to know what the local gastronomy is like. “The first thing they ask is what are your typical dishes?” He maintained.

“It’s a requirement that we see daily,” he continued. That is why both during the event that will culminate next Sunday, October 23 with a menu of local dishes, and in his restaurant, he offers “everything”. “We make our moro, goat, mofongo, mangú in a cauldron, everything local. Also the stewed chicken and sancocho… everything that is our food is presented there”, he explained. Chef Nelson Minaya, who will be part of the last day of Culinary Week 2022, added that customers or tourists communicate with each other. “They come with an expectation”, or failing that, they ask “what is the local food here?”, “what do you recommend?”.

Montalvo, for his part, said that holding this type of event allows the hotel chain to diversify its offer and contributes to enriching the diversity of options available in the market.

Given the growth rate in the DR, Royalton sets its sights on new properties

The hotel chain Royalton has its sights set on brand-new properties in the Dominican Republic as a result. We are already considering projects for the South, the North, and a little farther to the East of the nation. The chain is looking at additional properties because, as he continued, “growth will continue at 100%, more or less, in 2024.” The decision to expand into new locations and target new markets stems from the fact that Blue Diamond Resorts’ hotels (Royalton) in the nation stand out for drawing tourists from the Dominican Republic from various markets, consumers of a product beyond sun and beaches, who find lodging in any of its five properties—two family-friendly and three adults-only—offers with unique qualities. Fromenta stated that the Royalton Splash Punta Cana is a hotel geared toward families and that its guests tend to be European and local. The North American and Canadian markets, “although also the European one,” favor the Royalton Punta Cana.

He said that among the hotels we have in Punta Cana, the Hideaway is one that “purely Americans” prefer. It is also an adults-only establishment. According to him, more than half of the visitors to the Royalton Bávaro are from North America, the United States, and Europe. The Royalton Chic, an adults-only hotel in Uvero Alto that continues to cater to the tastes of Americans and Canadians, is the last example. As a Canadian hotel chain, our main markets are Canada and the United States, he continued. “With this, you can see the difference in markets that we have in each hotel.

The manager added that even though they continue to focus on certain markets, they are taking the necessary steps to increase visitors to their properties there, which have a combined total of more than 1,100 rooms and cater to both the local and Latin American markets. “The neighborhood market is very significant to us. Since we are not that strong and the pandemic demonstrated this to us, we want to draw in more business from the Latin American market. To that end, we are working hard to implement marketing and development initiatives”.

More than 500 runners and walkers in 7th Sosua Marathon

SOSÚA, PUERTO PLATA.- After three years of absence due to the pandemic, the Sosúa Sustainable Development Association (ADSS) held the seventh version of the long-awaited family event on Sunday, October 16. Under the motto “Walk and Run for a better Sosúa”, the event took place in the modalities of 1K for children, and 5K and 10K for runners and adult walkers.

More than 500 runners and walkers participated in eleven categories, from children to adults over 60, which fulfilled the expectations of integrating the families of the community into a sports life, as part of the effort to reposition Sosúa as a family tourist destination. The activity was carried out in the El Batey sector, within the city of Sosúa.

At the end of the race, the prizes established in the different categories were awarded, as well as participation medals to all participants. The athletes José Miguel Guzmán Mendoza and Viageisy Jiménez Lorenzo won the first places in the Open categories, male and female respectively, of the Sosúa 10K ADSS 2022. The first three places in these categories received cash prizes and trophies.

Like the six previous versions, the Seventh Sosúa 10K ADSS was organized by the Sosúa Sustainable Development Association (ADSS). The Organizing Committee was headed by David Ferreiras Jiménez and Ricardo Strauss, Technical Directors of the event. Directors Lolin de Escaño, Jennifer Kirkman, Andrés Pastoriza, Luis Perdomo, Anyelis De la Cruz, Juan Perdomo, and Mario García also participated.

The United Kingdom increases the financial facilities for the Dominican Republic to 3 billion pounds

London, United Kingdom
The Minister of State for Foreign Affairs for the Americas of the United Kingdom, Hon Jesse Norman, informed that the UK increased to 3 billion pounds sterling the availability of funds through the United Kingdom Export Finance (UKEF) so that the Dominican Republic can access financial facilities that will allow it to invest in development and infrastructure projects.

Within the framework of the IX Dominican Week in the United Kingdom, the British official received a Dominican delegation headed by the Dominican ambassador to Great Britain, Elnio Durán, and the president of the British Chamber of Commerce, Amauris Vásquez, where it was explained how these funds could reach 4.5 billion pounds and that they are already available for the Government to apply for them and invest them in priority areas such as aqueducts and drinking water, energy, health, land logistics, and security.

In the meeting, which was also attended by the director of Prodominicana, Biviana Riveiro, as well as the businessmen Felipe Vicini, Pablo Portes, Leonel Melo, and Manuel Jiménez, the initiatives to be implemented to increase exports from the Dominican Republic to the United Kingdom were agreed, especially in the agricultural sector, especially avocado and bananas, as well as specialized technical services such as free zones of technology and medical services.

On the British side, in addition to the Minister of State, the UK Ambassador to the Dominican Republic, His Excellency Mockbul Ali, participated. Both delegations agreed to continue working together to expand bilateral collaboration in education, migration, tax efficiency, and technology exchange so that the Dominican Republic can accelerate the transition to an orange economy focused on creativity and new technologies.

This meeting was the most important meeting between the British and Dominican governments together with entrepreneurs, which took place within the framework of the Dominican Week in the United Kingdom, which had not been held since 2019 as a result of the pandemic, and which allows resuming the most relevant issues of the commercial and collaboration agenda of both countries.

The ninth edition of Dominican Week in the UK is possible thanks to the collaboration of critical Dominican institutions such as the Ministry of Industry, Commerce and MSMEs, ProDominicana, the Directorate General of Cinema, the Directorate General of Customs, and the sponsorship of INICIA, Banco Popular Dominicano, Banco del Reservas, Grupo Punta Cana, Pernod Ricard Dominicana, Labya, Brugal, Kah Kow, Hispania, TIMM, United Petroleum, Gulf Oil Dominicana, Design District Punta Cana, among others.

Foreign film productions have contributed nearly US$400 million to Dominican economy since 2021

President Abinader visited this Saturday the set of the movie Road House where he shared with the production team, actors, and technicians and reaffirmed the Government’s commitment to supporting the local film industry.

During the tour, Albert Martinez, CEO of Lantica Media, explained that the set was built from the ground up by Dominican hands exclusively for filming the movie, which reaffirms the industry’s growth after the pandemic.

She also revealed that the productions made by Lantica had injected more than US$200 million into the Dominican economy by 2022.

Vargas Gurilieva, director general of the DGCINE, highlighted that from 2021 to date, foreign productions in the country had contributed more than US$395 million to the economy, generating more than 15 thousand jobs, according to the economic impact study carried out by Apricus Consulting Group.

Accordingly, President Abinader thanked Lantica Media and the Directorate General of Cinema for their continuous efforts in positioning the Dominican film industry and attracting significant projects to the country.

Upon his arrival, the president was received by producers JJ Hook and Joe Silver, who explained aspects of the shooting while one of the scenes was being filmed.

The president also met the film’s cast, including American actor Jake Gyllenhaal and boxer Conor McGregor, who highlighted the beauty of the Dominican Republic.

The film, produced by Metro Goldwyn Mayer, began shooting in the country last month and employs many Dominican film industry professionals.

The event was attended by the Minister of Industry and Commerce, Víctor -Ito- Bisonó; the Mayor of Villa Hermosa, Favio Antonio Noel; the Director of Indotel, Nelson Arroyo, among other officials.

Barceló Bávaro Grand Resort gastronomic festival to be held: Culinary Week 2022

The Barceló Bávaro Grand Resort complex facilities in Punta Cana are ready to celebrate the 7th edition of the gastronomic week, “Culinary Week 2022,” from October 16 to 23, 2022.

The culinary event will have the participation of ten renowned national and international chefs who will show the best of their cuisine for a whole week, preparing seven themed dinners with flavors from all over the world to enjoy an authentic gastronomic experience; bringing together Italian, Spanish, Mexican, international, French and Caribbean gourmet haute cuisine.

The gastronomic event will be inaugurated with a cocktail on Sunday, October 16, where personalities from the gastronomic world and the tourism sector will meet; It is an event aimed at the general public who love good cuisine, which presents different packages of offers in lodging so that they can enjoy the program to be developed in the week.

For Monday 17, the dinners begin with the theme of international cuisine with a focus on meats by chef Alessandro Luca from the Aura restaurant in Cap Cana.

French cuisine will be represented on Tuesday 18 by chefs Nicolás Frigerio and Paula Fernández de Nipau. While on Wednesday, 19, lovers of Spanish cuisine can enjoy chef Francis Pena from El Gallego restaurant.

The week continues on Thursday, 20, with international cuisine by chef Cristóbal Martos of La Cassina restaurant; the gastronomic event continues on Friday, 21, with Italian cuisine represented by the well-known Neapolitan chef Ciro Casola.

On Saturday, the 22, Mexican food fans will have their space with the themed dinner of this country by Mexican chef Alejandro Garduño of the Occidental Caribe hotel.

Culinary Week 2022 will culminate with a Caribbean dinner by the chefs of Barceló Bávaro Grand Resort and Occidental Caribe, Roberto De la Cruz, Hilario Martínez, and Nelson Minaya.

InterEnergy announces US$1 billion investment for decarbonization

Santo Domingo, DR
InterEnergy Group announced its partnership with Brookfield Renewable, and its institutional partners, and Stonepeak to further expand its existing commercial platform as it accelerates its transition to net zero emissions.

As part of the transaction, Brookfield and Stonepeak will invest up to US$1 billion in InterEnergy over the next four years, propelling the energy group to a leadership position among clean energy companies in Latin America and the Caribbean.

InterEnergy has a 30-year track record of providing reliable, cost-efficient and clean energy to people and cities in the Dominican Republic, Panama, Jamaica, Chile and Uruguay through its solar, wind and natural gas assets.

The Company plans to use the Brookfield Renewable and Stonepeak investments to execute a renewable development portfolio of more than 1.0 GW, increase deployment of its services in the regions in which it operates, facilitate its energy transition and grow the business sustainably for the long term. Nicolas de Narvaez, senior vice president of Brookfield Asset Management, said, “We are very pleased to partner with InterEnergy to help deliver on its development plan for the region and support the company in its energy transition.

More Colombians arrive in Punta Cana than traditional issuers

The Dominican Republic has seen a significant increase in tourists from Colombia, particularly in the Punta Cana region, where the South American nation has managed to outnumber Germany, Spain, and England in terms of the number of travelers arriving at the well-liked Caribbean vacation spot. According to Rafael Alberto Smith, director of operations at the Punta Cana International Airport, “the new air frequencies have been key to the increase in passengers, highlighting the routes from Colombia, with a contribution of 292,295 passengers, or 5% of the total in recent months, well above traditional markets such as Germany, Spain, and England.”

According to him, 430,129 tourists entered the nation in September, with the Punta Cana airport receiving 57% of that influx. The terminal’s manager stated that over the past few months, 1,175,875 passengers from Asia, Europe, North America, and the Caribbean entered and exited the country through the terminal, setting a record for transits. “July 2022 had 188,192 more passengers than the previous year in terms of movement and passenger traffic through the Punta Cana International Airport,” he continued.

Smith stated that the year 2022 is expected to end with an increase of 6% in comparison to the previous year, which would be 3,939,806 arriving and 4,046,702 departing. He noted that 4,942,244 travelers have passed through the PUJ so far this year. That is, 2,446,939 arrival passengers and 2,495,305 departure passengers, with the US market accounting for 45% of these passengers (2,206,317), Canada for 13% (644,192), and Panama for 7% (334,193).

FEDUJAZZ announces 24th celebration

The 24th edition of the Dominican Republic Jazz Festival will be celebrated with two free concerts on November 11 and 12 at Cabarete Beach, with the positive energy that defines the event. This announcement is made by the Dominican Republic Jazz Festival Educational Foundation (FEDUJAZZ). After taking a two-year break due to the global health crisis, the event is back stronger than ever to provide “the music of jazz” to the hundreds of locals and visitors from around the globe who come together at each concert.

Buika, an Equatoguinean-Spanish singer who excels in a variety of musical genres including flamenco, jazz, tango, and boleros, as well as Grupo Bonyé, a group with a repertoire that includes son, guaracha, montuno, traditional son, salsa, salve, and merengue, will both perform at the DR Jazz Festival 2022, which will have the official sponsorship of the Dominican Republic’s Ministry of Tourism

The president of FeduJazz, Maria Elena Gratereaux, said, “We are incredibly happy and excited to bring back these concerts that, with good music, unite hundreds of people who love jazz and has a positive impact on children and adolescents who learn music through the foundation and the collaboration of so many people, companies, and institutions that believe in the hard work of the foundation and our team.”

The DR Jazz Festival 2022, like previous editions, will feature performances by notable musicians and singers in addition to a full and engaging schedule that includes jam sessions for those who want to improvise, free musical educational workshops led by professional musicians, and family-friendly activities in Sosua.

Dependence on imports delays the Dominican Republic’s reduction in inflation

Inflation in the Dominican Republic briefly reached double digits for roughly five months before falling to its lowest point in August since 8.98 in February of this year. The current yearly rate is 8.80 from August 2021 to August 2022. But the International Monetary Fund is not relieved by its steady decrease (IMF). The financial body believes that the less diversified and more import-dependent economies of the Caribbean, Central America, and notably “Panama, the Dominican Republic, combined with Bolivia, Ecuador, Paraguay, and Uruguay” render them more vulnerable to inflation.

According to sources, early 2022 saw a significant revival in the economy of Latin America and the Caribbean. However, there was a noticeable slowdown in economic activity as a result of the conflict between Russia and Ukraine. This translates into prolonged inflation, which, in spite of tightening global financial conditions and a decline in commodity prices, will test the region’s resilience, according to the IMF.

Although Panama, Central America, and the Dominican Republic have already surpassed pre-pandemic output levels, this is mostly because of the United States’ quick recovery. But according to a new IMF research, smaller economies face greater difficulties from rising inflation since “they are less diversified, more dependent on imports, and have fewer policy levers at their disposal.” Henri V. Hebrard, an economist, notes that diversification should be distinguished from dependence on imports in light of this scenario. He remarked, “Those are a bit different things.

He clarified that the Dominican economy is “extremely well diversified” when compared to other countries in the area. The fact that it is an island, he noted, means that it has a “very heavy dependence on imports,” which is “an inflation risk element.”

Over the past 27 months, the peso has appreciated by 8.75% against the dollar

When comparing the price of the US currency in July 2020 with September 2022, the Dominican peso has appreciated by 8.75% (RD$5.0968), while the average exchange rate for sale decreased from RD$58.2693 to RD$53.5243. 27 months have passed throughout this time, and with very few exceptions, the foreign exchange market has only slightly moved in the other direction. Why is the dollar weakening versus the peso at a time when it is strengthening against the euro and other currencies in Latin America? Is this a result of the Central Bank’s stringent monetary policy, or are there other forces at play? Is it a result of the remittance inflow, which is still more than it was before the pandemic? While this is going on, the monetary authorities are increasing the policy rate once more by 25 basis points, bringing it from 8.00% to 8.25% annually.

This increase in the value of the peso relative to the dollar comes after the price of the US currency increased 9.08% in the first half of 2020, rising from an average of RD$53.0417 in January to RD$58.2693 in July, which is equivalent to RD$4.8152 in absolute terms. Since the dollar is currently trading at nearly the same level as it did in January 2020, the peso has gained back the ground it lost during this time. The Dominican peso has appreciated 4.34% in the first five months of this year, or since the price against the greenback rose from RD$57.5240 to RD$55.0592, which may be the time when the peso’s appreciation against the dollar has been felt the most. The dollar’s value versus the peso has decreased by RD$3.28 since May, or 3.11%. The peso has increased 7.45% so far this year, translating to a net loss of RD$4.3083 for the dollar relative to the Dominican peso.

The Central Bank of the Dominican Republic (BCRD) points out that between January and August 2022, remittances received totaled US$6,518.8 million, exceeding the US$1,792.8 million received in the first eight months of 2019, the time frame before the start of the covidio-19 pandemic. This coincides with the Dominican peso’s appreciation against the dollar.

Ciudad Colonial will be revilatized

Yesterday, President Luis Abinader and Minister of Tourism David Collado started restoration work on the colonial city’s priority streets and introduced the Micro and Small Business Support Program (PAM) and “Turizoneando” programs to the area. As part of the Comprehensive Program for Tourist and Urban Development of the Colonial City of Santo Domingo (PIDTUCCSD), which will invest almost 5 billion pesos and initially cover 11 streets, with the intervention of their pavements and sills, President Abinader and Minister Collado gave the first peck to officially start the rehabilitation work on the prioritized streets in the colonial city.

Before that event, both took the lead in the “Turizoneando” program’s introduction during a performance staged in the storied Parque Colón. President Luis Abinader promised “that every road in the region would be repaired,” highlighting the importance of teamwork, during a speech at the event when construction work for the rehabilitation of the streets of the colonial city was launched, “and here are the neighborhood associations, if there are any left,” he said.

The president continued the action by saying, “All this so that it is a brilliant colonial zone, with all the history as well as, with all the culture, where we can share that historical culture, as well as all the religious inheritance that is here with all the wealth that we have in the colonial city.”

Tafer, a hotel chain from Mexico, considers making an investment in the DR

Tafer, a Mexican restaurant brand, is considering investing in our nation. Thus, the Dominican Republic becomes the target of another another Mexican gang. According to what Tafer’s management team would have said to individuals directly connected to the Dominican tourism industry and who have confirmed arecoa.com, Tafer would be highly determined to invest in the eastern zone.

From Cabo San Lucas and Puerto Vallarta to Cancun, passing through Sierra Madre, the Mexican hotel corporation is a medium-sized business that runs sizable businesses in a variety of beach and mountain tourist destinations. Therefore, the Mexican hotel chains are placing their bets on the DR, and more specifically, the East. The Chapur brothers’ chains are already there with various flags, just as Karisma, Original, and Posadas do it in an exploitative manner.

The DR, where the strength of tourism is great due to its landscape setting and the legal and citizen security of the locations, is therefore the location where hoteliers from the rival country consistently invest.

Villa Altagracia is anticipating a surge in visitors

When visitors leave Pedro Brand and the merchants selling roasted sweet potatoes behind, they may still see the historic sign that reads, “Welcome to Villa Altagracia.” A statue of the Virgin of La Altagracia stands in for the name of a town that is part of San Cristóbal but is located in the Cibao region. Finding a valley surrounded by mountains that constitute a virgin area and fertile plains soaked in rivers and streams, whose waters support the plantations of citrus, banana, and coconut trees, only takes 40 minutes of driving.

The visitor enters Villa Altagracia through its interior and is transported back in time to a time without industrial areas or architectural structures. Sergio Vargas’s property spans 486 square kilometers of ecological richness and has the potential to attract tourists. Around 11:00 on a summer day, the temperature falls to 21 degrees Celsius. This municipality is a secret gem that the Ministry of Tourism (Mitur) has yet to unearth, yet it is surrounded by rivers of forgetfulness and has poor access to tourist attractions. As a result, the locals use the motoconcho and the pasola as their primary modes of transportation, traveling in a “ball of smoke” for RD$50.

Willy Quezada, the tour guide, claims that on average 3,000 residents of the capital visit La Represa every weekend. La Represa is a hotel with chilly waters surrounded by a humid valley and a gloomy silence that makes guests feel like “invaders and invaders” of the urban environment.

Over the coming year, the Central Bank will increase its borrowing

The Dominican Central Bank will continue its unstoppable debt-building process in 2023, not only to maintain control over the currency and exchange rate and prevent a worsening inflationary spiral, but also because it needs cash to cover the interest costs associated with the debt it has already accumulated. The funds that the Central Government uses to pay the interest on its accumulated debt, also referred to as a quasi-fiscal deficit, are required to be sent annually to the Central Bank by the Central Government through the Ministry of Finance.

The Government has been sending resources each year, but they are no longer enough to satisfy these interests after ten years had gone since the Central Bank Recapitalization Law was written but not implemented as intended. By 2023, nothing will have changed. The transfer of 0.6% of the nation’s GDP was included by the government in the draft general budget as a recapitalization for the Central Bank. This metric is roughly equal to RD$41.3 billion.

The Central Bank will need at least RD$96 billion to pay interest in the upcoming year, indicating that the missing funds will need to be found by issuing new debt, which will result in an annual increase in the amount of money required to pay their own interests, or a “snowball” effect.

The debt of the Central Bank keeps rising. It increased by 29.5%, or more than US$4 billion, in just the first six months of this year alone, from US$13.9 billion to US$18 billion.

Total imports grew by 35% in the first eight months of 2022

Santo Domingo, DR.
Total imports between January and August of this year amounted to US$20,692.48 million, which reflects an increase of 35.38% in relation to the same period of 2021.

Separating non-oil imports, the growth is 23.60%, going from US$12,997.06 million in January-August 2021 to US$16,064.39 million in 2022.

According to the Trade Magazine published by the Directorate General of Customs (DGA), 81.85% of imports were imported under the consumer dispatch regime, 17.79% through free trade zones, and the remaining 0.36% through other regimes.

Of the total imports, 44.83% corresponds to consumer goods, 41.63% to raw materials, and 13.54% to capital goods. Consumer goods grew by 28.69%, while raw materials and capital goods grew by 47.51% and 25.31%, respectively.

The top 10 countries accounted for 77.22% of total imports to the Dominican Republic, 55.26% of which originated in two markets: the United States (40.86%) and China (14.40%).

Of these, 93.89% were imported by sea, 6.09% by air, and the remaining 0.02% by land. The 91.99% is concentrated in five administrations: Haina (44.95%), Caucedo (31.15%), Santo Domingo (8.14%), Las Americas International Airport (AILA) (5.80%), and Puerto Plata (1.95%).