During the last five years, multiple banks increased their financing for trade by RD$13,853 million, going from RD$159,732 million in 2017 to RD$173,585 million in 2021, showing an accumulated growth of 8.67% in that five-year period, reported the Association of Multiple Banks of the Dominican Republic (ABA).
The ABA detailed that credit to this sector increased by RD$17,331 million in 2021, showing a growth of 11.1% compared to the previous year.
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He specified that, according to data from the Central Bank of the Dominican Republic, the portfolio allocated to the sector increased from RD$156.254 million in December 2020 to RD$173.585 million in December 2021.
In a press document, the ABA specified that multiple banks registered more than 134 thousand operations channeling loans to wholesale and retail trade, at the end of 2021.
Said credit facilities are destined mainly to working capital, raw materials, machinery and equipment, technological development and innovation, in order to support and promote said commercial activities, the guild pointed out.
The ABA highlighted that, with their trade financing, multiple banks contribute to the development of this important sector, which is a great generator of jobs in our economy and constitutes one of the main withholders or recipients of income for the treasury.
ABA
The Association of Multiple Banks of the Dominican Republic, Inc., is a Non-Profit Association, organized and governed under Law No. 122-05 on the Regulation and Promotion of Non-Profit Associations.
Adopted on April 8, 2005 and its subsequent amendments, Decree No. 40-08 dated January 16, 2008, which establishes the Application Regulations of the Law of Associations and, by its Bylaws and the regulations and internal regulations emanating from the Board of Directors.
ABA is represented by a modern logo with three figures: a perfect red square, which represents the people, the clients; in the center is the white that symbolizes the bank and behind, giving its support to both, in blue, appears the image of the Association, which ends up resembling an arrow pointing up and to the right, communicating projection, development and future.
