Thursday, March 30, 2023

Timely statement from the Central Bank

Given the bankruptcy of Silicon Valley Bank in the United States and the uncertainty that this situation causes in international financial systems, the Dominican Central Bank hastened to issue a statement making it clear that this case does not affect local banks.

This is so, because Dominican banks do not have a correspondent with Silicon Valley Bank, in addition to the fact that this entity is not a holder of debt issues in Dominican sovereign bonds.

The statement from the Central Bank is timely and brings peace of mind to the economic and social actors of the Dominican Republic, a country that already lived through a bitter experience of bank failure just 20 years ago.

Since then, the supervision and regulation of the financial system has been strengthened, to such an extent that banks in the Dominican Republic show solvency and operability indicators that even exceed international regulatory requirements.


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