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Related

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Travel & Tourism . Tourist Guide to the Country

Dominican Republic Travel Requirements





Banking
The official monetary unit is the Dominican peso divided into 100 centavos. Minted in 1947, it maintains a floating exchange rate with the U.S. dollar and other international currencies. Around (RD$15.50 &$61 US$1)(December 1998).

Exchange houses and commercial banks are authorized to trade with foreign currencies. The banking system is governed by the country’s Central Bank, which is controlled by the Monetary Board and supervised by the Superintendency of Banks. The Central Bank regulates the country’s credit, money supply and the official foreign exchange rate. Private banking is conducted by 14 commercial banks including major international institutions such as Scotiabank and Citibank. The Stock Market of Santo Domingo is a definite option for business development.

Communications
The Dominican Republic is probably the Latin American nation with the most advanced telecommunications system. The principal companies, Codetel, Tricomy All America Cables and Radio carry out efforts to stay at the vanguard of technological developments and continuously implement aggressive marketing programs to introduce new products and services to the Dominican market.
As a result, the nation enjoys the latest in cellular mobile phones, beepers, facsimile, national paging services, telenet, email, 800 lines, prepaid calling cards, residential and commercial telephone systems, data transmission, wireless Internet, videoconferencing, electronic commerce, webTV, and other state of the art technologies. It is expected that the digital cellular telephone segment will be one of the fastest developing in telephone communication within the next years.


 

Acknowledgements: ASIATRAVELMART.COM








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