Economy

Remittances in Nov. jump 27% to US$707.5M

admin — Mon, 14 Dec 2020 13:20:01 +0000

Remittances in Nov. jump 27% to US$707.5M admin Mon, 12/14/2020 - 13:20

Monday, December 14, 2020

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Remittances in Nov. jump 27% to US$707.5M

Santo Domingo.- The country received US$707.5 million in remittances last November, a 27% jump in relation to the US$557.1 million that arrived in the same month of 2019, the Central Bank revealed Sunday.

Between January and November 2020, the flow of remittances to the country was US$7.3 billion, a net increase of US$916.6 million compared to the US$6.4 billion received in the same period of 2019, or a 14.3% jump.

It highlighted that during 2019 the country received US$7.08 billion in remittances, which means that that sector of the economy will close 2020 with positive numbers.

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Liberia: Liberians Decry Scarcity of L$5, L$10; Says It’s Causing Inflation

admin — Mon, 20 Jun 2022 15:40:01 +0000

Liberia: Liberians Decry Scarcity of L$5, L$10; Says It’s Causing Inflation

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admin Mon, 06/20/2022 - 15:40

Monday, May 30, 2022

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Business – FrontPageAfrica

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Liberia: Liberians Decry Scarcity of L$5, L$10; Says It’s Causing Inflation

Monrovia – Liberians, mostly vendors have expressed frustration over the lack of small denominations of the Liberian banknotes, something they say has led to the increment of prices of commodities on the market.

In May 2021, the Central Bank of Liberia (CBL) was authorized by the 54th Legislature to print new family banknotes. The Legislature approved the printing and minting of money in the phase of three years, specifically 2021, 2022, and 2024.

CBL in December 2021 introduced the new Liberian dollar currency starting with the 100 Liberian dollar banknote in the tune of four billion Liberian dollars.

The amount, the CBL says was intended to increase Liberian dollar liquidity in the economy.

The second consignment of four billion Liberian dollars of the new family of L$100 banknotes the CBL said was going to be brought into the country during the 1st Quarter of 2022 to commence the gradual replacement of mutilated banknotes.

The new L$100 banknote, according to CBL, is part of the L$48.734 billion of the new family of Liberian dollar currency.

The introduction of the remaining L$100 banknotes and other denominations including the L$20, L$50, L$500, and L$1000 banknotes, and the L$5 and L$10 coins is due to take place in the latter half of 2022.

The destruction of the old banknotes was to enhance internal control and a transparent process, to ensure full accountability to all stakeholders, the CBL said.

CBL in presence of civil society actors, members of the Legislature, and development partners in January 2022 burned over L$600,000,000 in mutilated and old banknotes to make way for the batch of new money to commence circulation by early February 2022.

Since February, there had been no sign of another batch of the new family banknotes on the market, while the old L$100 that was expected to have been recalled from the market still circulates.

The burning of the old banknotes without the replacement of the new family banknotes, especially the small denomination like the five, 10, and 20 dollars is causing a serious problem for many Liberians, including vendors.

For most vendors, the lack of small denominations of the new family banknotes is hampering the smooth operation of their businesses.

Mercy Duo is a vendor that sells in Central Monrovia. She told FrontPageAfrica that the small denomination of the Liberian banknotes is gradually disappearing from the market.

“The L$10 and the L$5 have totally disappeared. We thought it is rather the old L$100 notes that they are supposed to withdraw from circulation, instead, the lower denominations are gone. Because of this, everything besides water that used to be sold L$5 is now L$10, and even the sachet of water, you’re compelled to buy L$10 worth. And the L$10 is also scarce; you hardly see it,”

Duo said.

According to the vendor, the lack small denomination of Liberian banknotes has caused astronomical increase in the prices of commodities on the Liberian market.

Duo said: “Why President George Weah only print one set of money? No five dollars, no 10 dollars, no 20 dollars banknotes on the market. It’s giving us hard time, it makes for our profit to go. Because when there’s no change, when that 10 dollars go, that’s our profit going. It’s also increasing the price of commodities on the market because when you go buy no change people will carry the prices of their goods up because they don’t want to be going around looking for a change.”

She added: “Some people don’t like to leave their change behind. And when people come to buy from you when and no change they will go. Some customers don’t have the patience to wait for you to go be looking for a change. Only 50 and 100-dollar banknotes are on the market.”

Emmanuel Pewee is another vendor on Randall Street. He said the lack of small denomination of banknotes is giving him a tough time doing transactions.

“To be honest, we need pieces – small, small banknotes like five dollars, 10 dollars, and even 20 dollars. To find change when someone buys from you is so much more difficult. Printing the money and getting rid of the old notes was not a bad issue but the lack of small, small banknotes is a Chao for us as business people.”

He added: “One day, I was going to Paynesville and the taxi driver says 170 Liberian dollars. I got down and gave the driver 200 and he said no change, I had to let go my 30 Liberian dollars -it hurts me but what to do?”

Delux Fahnbulleh is another vendor in Central Monrovia. He wants for national government to address the situation adding that they continue to lose their finance daily.

“It’s a serious concern. For me, I have been affected intent of transportation, the buying of goods and other services. If there are no small banknotes on the market, then, it’s become a problem because we as vendors, many at times, customers will feel like you want to cheat them -it is not but because of the lack of smaller banknotes on the market, it’s a problem for all of us,” Fahnbulleh said.

He added: “When somebody buys an item from you, and you as a seller in your right mind, you should be able to give him or her a change but it is not. We get in car, we expect to get change when we reach but it’s not. It’s a serious problem”

Adolphus Konah, a vendor selling on Board Street added: “50 dollars banknotes will soon lose from the market because a Kerker (tricycle) took me from Stephen Tolbert Estate this morning and when he brought in to town and started to look for 50 dollars change for me. He had to park his Kerker and go to a money exchanger for my change. So, I don’t know where are we heading to?”

Commuters Frustrated over the Lack of Small Banknotes

Liberia

Africa

Central Bank of Liberia Engages The Royal Mint UK to Deliver Lower Denominations of Liberian Dollars Earlier Than Expected

admin — Mon, 20 Jun 2022 15:30:01 +0000

Central Bank of Liberia Engages The Royal Mint UK to Deliver Lower Denominations of Liberian Dollars Earlier Than Expected

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admin Mon, 06/20/2022 - 15:30

Thursday, June 2, 2022

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Central Bank of Liberia Engages The Royal Mint UK to Deliver Lower Denomination…

MONROVIA – The attention of the Central Bank of Liberia (CBL) has been drawn to persistent public concerns about the shortage of L$5 and L$10 on the economy, despite a series of radio programs organized by the CBL explaining the causes for the shortage and efforts by the Bank to address the situation.

Moreover, in two separate meetings with the Senate Ad-Hoc Committee and the leadership of the House of Representatives last week, the CBL provided updates on the currency reform in relation to the minting of the L$5 and L$10 coins and assured the lawmakers that the Bank is working diligently to ensure the problem is permanently resolved.

The Management of the CBL further emphasized to the legislators that the Bank is working very closely with the Royal Mint in the United Kingdom to ensure the coins are brought into the country much earlier than expected.

Considering the 3-year average lifespan of the Liberian dollar banknote, and the yearly estimated mutilated rate of 7.0 percent, most of the existing banknotes, especially smaller denominations, have already outlived their lifespan and CBL has not been able to print additional smaller banknote denominations during the past years to replace existing mutilated banknotes since 2017.

This shortage of L$5 and L$10 has been further heightened by the increased demand on the smaller denominations due to the growth in the population and expanded scope of economic activities, including kekeh and motorbike ventures, as well as other small marketers’ need for smaller denominations.

Moreover, the implementation of the mandate of the 54th National Legislature to replace all the old banknotes in circulation means that the CBL cannot print additional denominations of the existing banknotes, while at the same time making arrangements to mint the L$5 and L10 coins. The latter process involves more time, given that Liberia is introducing a new set and designs of coins that are completely different from the existing coins of 1 dollar, 50 cents, and 25 cents.

CBL empathizes with the public on the shortage of smaller denominations and pleads once again for patience as the Bank does all within its power not only to address concerns of the smaller denominations but the entire currency management challenges of the country.

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Business

House of Assembly green-lights 2021 supplementary spending

admin — Sun, 19 Jun 2022 04:10:01 +0000

House of Assembly green-lights 2021 supplementary spending

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admin Sun, 06/19/2022 - 04:10

Friday, June 3, 2022

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House of Assembly green-lights 2021 supplementary spending

Unanticipated expenses including security, arbitration, infrastructure, and public servant increments required legislators to approve supplementary spending for 2021 and 2022, Premier Dr. Natalio “Sowande” Wheatley said on May 26 in the House of Assembly.

“This schedule of additional provisions represents monies which were expended last year,” Dr. Wheatley said while moving the motion for the 2021 spending. “It is customary that certainly towards the end of the year, you will have monies moving from head to head to fill gaps which need to be filled.”

The HOA subsequently passed the motion, which provided for $5,418,000 in supplementary spending for 2021. The same day, members began debate on the motion for $32,836,000 in spending in the current budget. They continued the debate on May 26 in closed-door committee, and they are scheduled to resume June 7.

Expenses

Dr. Wheatley listed several of the big-ticket items accounted for in the 2021 supplementary appropriations, including the detention of migrants; arbitration in a lawsuit with Global Water Associates Ltd. stemming from the government’s alleged breach of two contracts it signed with the company on Sept. 19, 2006; construction at the Ralph T. O’Neal Administration Complex; work on the Cane Garden Bay sewerage system; bush cutting and drain cleaning; increments paid to public officers; and educator training at the Virgin Islands Teacher Training Institute at H. Lavity Stoutt Community College. The premier said all of these expenses were necessary.

“But moving forward, we have to have a conversation with our ministries and departments and the people of the Virgin Islands about how we provide the needed funding in vital and critical areas,” he said. “Presently, the revenues that we collect are not enough to fund all the priorities of government.”

Dr. Wheatley said the territory also needs to do more to explore other revenue sources.

“We must become more aggressive about raising revenue. That means the diversification of the economy; that means the strengthening of the tourism sector; that means seeking new industries,” he said. “Of course, we have been speaking about them for some years now, and it’s time to deliver on those promises.”

Pension reform

He also called for a re-evaluation of the territory’s pension system.

“We have to look at pension reform, because certainly that is something that will end up bankrupting the government and the country if we do not address it,” he said. “We are at a critical stage now with the pressure that is on the financial services sector as well as the growing population and the need to invest more in our infrastructure. … We have to take action now if we are going to continue to keep the lights on, so to speak, and be able to continue to meet our obligations.”

Dr. Wheatley said it is also important to optimise revenue-collection systems and find ways to save money in government operations, like making the switch to electronic systems and a more fuel-efficient fleet of vehicles.

‘Ensure that we are fiscally responsible’

Regarding the 2022 budget, Dr. Wheatley said the government has to be “cognisant of a new approach that we have to take to ensure that we are fiscally responsible, and our government finances remain viable.”

He noted that some of the expenses included in these supplementary appropriations would help save money in the long term.

Deputy Premier Kye Rymer seconded the motion and noted the importance of paying overdue increments, some of which dated back to 2017.

Natural Resources, Labour and Immigration Minister Mitch Turnbull, former member of the opposition, said he appreciated the premier’s vision and was optimistic he would offer a timeline for pursuing reform.

The post House of Assembly green-lights 2021 supplementary spending first appeared on The BVI Beacon.

The post House of Assembly green-lights 2021 supplementary spending appeared first on The BVI Beacon.

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Caribbean

RBZ first quarter auction allotments hits US$528,1 million

admin — Sun, 19 Jun 2022 02:00:01 +0000

RBZ first quarter auction allotments hits US$528,1 million

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admin Sun, 06/19/2022 - 02:00

Monday, June 6, 2022

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Business Archives - NewZimbabwe.com

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RBZ first quarter auction allotments hits US$528,1 million

By Alois Vinga

THE Reserve Bank of Zimbabwe (RBZ) foreign exchange auction for the first quarter of 2022 reached US$528,1 million, with a huge chunk being channeled towards procurement of raw materials and machinery.

A recent update released by the central bank shows a total of 749 beneficiaries received US$107,8 million under the main auction and another 2 142 accessed US$17 850 257, allotted under the small to medium enterprises (SMEs) Foreign Exchange Auction during April 2022.

During the period US$438,1 million was allotted on the main auction with US$81,9 million being allotted on the SME auction.

Foreign payments for the period by source saw foreign currency accounts dominating the list after injecting US$1,8 billion constituting 76% of the receipts, followed by the foreign exchange auction which injected US$528,1 million constituting 22% and the Interbank market injecting just 2%.

Economist Doctor Prosper Chitambara said the statistics reflect a huge leap from what was recorded last year.

“There is great improvement compared to a similar period last year. We however expect a much bigger improvement in the second quarter owing to the fact that a raft of measures to plug some leakages were implemented right at the beginning of the quarter,” Chitambara said.

The top economist hailed the priority of allotments which saw raw materials, machinery and equipment receiving the highest chunk.

“This is very important in as far as stimulating industrial productivity is concerned. It also resonates with recent improvements in capacity utlisation as confirmed by business member organisations like the Confederation of Zimbabwe Industries.

“There is however need to address the local currency depreciation which is being affected more by speculative behavior as evidence shows that most of the fundamentals are in place,” he said.

He added that the surge in foreign currency deposits indicates surging confidence in the country’s banking sector backed by government’s consistency on the plans to maintain a dual currency.

The post RBZ first quarter auction allotments hits US$528,1 million appeared first on NewZimbabwe.com.

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Puerto Rico opens opportunities for Dominicans

admin — Sat, 18 Jun 2022 15:40:01 +0000

Puerto Rico opens opportunities for Dominicans

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admin Sat, 06/18/2022 - 15:40

Thursday, June 9, 2022

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Economy – Dominican Today

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Puerto Rico opens opportunities for Dominicans

Puerto Rico offers Dominican and regional entrepreneurs development opportunities in creative, manufacturing, tourism, and agricultural industries, as well as in biosciences, technology, renewable energy, entrepreneurship, and export services.

Santo Domingo, DR.

The interest of the Puerto Rican and Dominican governments in promoting business alliances between both countries as an open the door to new opportunities and incentives that allow improving the economic quality of the nations was ratified in the forum “Puerto Rico: Opportunities and Incentives.”

Yesterday afternoon, Wednesday, high representatives of the Puerto Rican economic sector presented Law 60 of the Incentives Code as an economic development tool with possible opportunities for economic empowerment that Dominican national companies could achieve in a commercial association with Puerto Rico.

“The Dominican Republic is our friend, our neighbor, so we decided to come here first and present all the opportunities and incentives that Puerto Rico can offer,” said the director of the Commercial Office of Puerto Rico in the Dominican Republic, Nelson Torres Martínez.

Puerto Rico offers Dominican and regional entrepreneurs development opportunities in creative, manufacturing, tourism, and agricultural industries, as well as in biosciences, technology, renewable energy, entrepreneurship, and export services.

As stated in the panel by Carlos Fontán, director of the Office of Business Incentives, and Víctor Merced, director of the Office of Specialized Services for Industry and Customer Service in Puerto Rico, Law 60 defines incentives that support not only large companies but also small and medium businesses in the same way as emerging sectors, eSports and entertainment that are eligible under the statutes of this law.

At the beginning of the assembly, the secretary of the Department of Economic Development and Commerce of Puerto Rico, Manuel Cidre Miranda, stated that the presentation of the Incentives Code is only the continuation of a saga that began with the signing of the agreement between the governor of Puerto Rico, Pedro Pierluisi and the Dominican president, Luis Abinader, of a strategic alliance to promote exchange and cooperation between both countries.

Dominican labor

Both the secretary of the Department of Economic Development and Commerce of Puerto Rico, as well as the representative of the Commercial Office of Puerto Rico in the Dominican Republic, established that the Puerto Rican Government has approximately US$50,000 million for the reconstruction of the country in the name of deterioration in force since 2017 with the passage of several hurricanes, earthquakes, and the Covid 19 pandemic, for which labor, equipment, and technology are needed, which has propelled the increase in job opportunities.

“Puerto Rico offers many opportunities and incentives, in all areas. The Dominican Republic is our friend, our neighbor, so we decided to come here first and present the opportunities and incentives that Puerto Rico can offer in manufacturing industries, creative industries, tourism, opportunities for individuals, and many others,” said Nelson Torres Martínez.

Also, Cidre Miranda that “we can combine both and be successful (RD and PR), why both go hungry if we can share the plate?” she stated while exposing a personal perception that between the Dominican Republic and the Isla del Encanto there should be no visa limitations, instead of a “green card” that allows you to visit each other whenever you want.

Manuel Cidre Miranda indicated that “it is clear” that there is an excellent commercial relationship between the Dominican Republic and Puerto Rico based essentially on food and agricultural products; from his nation’s priorities, chemical elements, technology, and services are gaining strength and tourism.

“Looking ahead, there are a large number of businessmen who are very interested in participating in the economic development of the Dominican Republic, which is an example in the region, and many Dominican businessmen willing to enter Puerto Rico in light of the recovery as a result of the different events and the entry of over US$50,000 million for the reconstruction of the country.”

Caribbean

Business

Dominican economy stabilizes, but loan rates rise

admin — Sat, 18 Jun 2022 15:40:01 +0000

Dominican economy stabilizes, but loan rates rise

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admin Sat, 06/18/2022 - 15:40

Friday, June 10, 2022

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Economy – Dominican Today

Original Article

Dominican economy stabilizes, but loan rates rise

Santo Domingo.- As economic activity has advanced in its recovery, the confidence of businesses and families to resort to credit was strengthened in the first quarter of this year, reports the Superintendence of Banks.

However, they face the rise in the rate of consumer loans, which registered increases compared to the previous quarter to settle at 16.2% per year.

In its report on the performance of the financial system in the first quarter of this 2022, recently published, the Superintendence of Banks highlights that mortgage loans also presented an increase in their rates, going from 9.0% average in December 2021 to 10.2% in March 2022.

Likewise, there was an increase in the interest rate of credit cards in national currency with respect to its level of the previous year, going from 55.9% in March 2021 to 57.3% in March 2022.

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Caribbean

Business

Taxman collects US$1.1B in May

admin — Sat, 18 Jun 2022 15:40:01 +0000

Taxman collects US$1.1B in May

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admin Sat, 06/18/2022 - 15:40

Friday, June 10, 2022

Original Publisher

Economy – Dominican Today

Original Article

Taxman collects US$1.1B in May

Santo Domingo.- Internal Taxes (DGII) reported this Tuesday that the collection for May amounted to RD$62.5 billion (US$1.1 billion), which represents RD$13.7 billion more than in the same month of 2021.

The general director of Internal Taxes, Luis Valdez Veras, indicated in a press release that “these collection levels are what have allowed the granting of more than RD$18.0 billion in subsidies to avoid the increase in fuels due to the crisis generated for the war between Russia and the Ukraine.”

“It is these levels of compliance in the collections that have allowed our Government to be able to sustain the enormous sacrifice that this fuel subsidy means, money that in other circumstances President Abinader would have allocated to infrastructure works and other actions.”

In May of last year RD$48.7 billion entered, so the collection corresponding to the current period represents a growth of 28.3%.

Caribbean

Business

Prices of all fuels remain frozen

admin — Sat, 18 Jun 2022 15:40:01 +0000

Prices of all fuels remain frozen

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admin Sat, 06/18/2022 - 15:40

Saturday, June 11, 2022

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Economy – Dominican Today

Original Article

Prices of all fuels remain frozen

Santo Domingo, DR
The prices of all fuels for the week of June 11-17 remain frozen.

According to the Ministry of Industry, Commerce, and Mipymes (MICM), prices will remain the same as last week.

Premium gasoline will continue to cost RD$293.60; regular gasoline RD$274.50; optimum diesel RD$241.10; and regular diesel RD$221.60.

The price of liquefied petroleum gas (LPG) will remain the same at RD$147.60; avtur and kerosene, whose cost will be RD$298.91 and RD$338.10.

Fuel oil will cost RD$192.11; fuel oil 1% RD$211.77 and natural gas RD$28.97.

As of Wednesday, June 8, the international price of WTI averaged US$119.15, an increase of 4.6% over the previous week. However, Deputy Minister Ramon Perez Fermin stated that the government would assume 100% of the gains at a cost of 1.8 billion pesos.

“With this measure Dominicans have saved 83.21 pesos on each gallon of Premium Gasoline, 90.83 pesos on Regular Gasoline, 92.14 pesos on Regular Gasoil and 10.31 pesos more on LPG for almost four months,” according to Perez Fermin.

The subsidies applied amount to more than RD$18,968 million thus far in 2022, according to the Ministry of Industry and Commerce.

The average exchange rate weighted by the Central Bank is RD$55.29.

Dominican Republic

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Dominican Republic and USA agree to cooperation on labor matters

admin — Sat, 18 Jun 2022 15:30:01 +0000

Dominican Republic and USA agree to cooperation on labor matters

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admin Sat, 06/18/2022 - 15:30

Saturday, June 11, 2022

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Economy – Dominican Today

Original Article

Dominican Republic and USA agree to cooperation on labor matters

LOS ANGELES.- The Dominican Republic and the United States today announced the formation of a technical working group to strengthen capacities to enforce Dominican labor laws in the sugar sector.

The group will consist of representatives from the Ministries of Foreign Affairs, Labor, and Commerce of both countries, with the participation of other government agencies as necessary.

This joint work considers commitments already assumed by both countries to apply labor laws under DR-CAFTA and according to international standards on the matter to improve the conditions of workers.

The Dominican ambassador to the United States, Sonia Guzmán, informed that this group is one more tool in the joint work with the United States and that it is part of President Abinader’s agenda in favor of the Dominican agricultural sector and its workers.

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