The Governor of the Central Bank and the Superintendent of Banks yesterday offered the national bank guarantee and security in the face of international measures linked to the war between Russia and Ukraine.
Héctor Valdez Albizu and Alejandro Fernández W. met with the treasurers of the main banks of the Dominican financial system, in which a discussion was held on the current scenario derived from the suspension of financial operations of international banks with Russian entities, on the occasion of his military intervention on Ukraine, and other issues.
Valdez Albizu expressed that with the announcement by the United States, together with the European Union and the United Kingdom, of the suspension of the SWIFT mechanism (Society for Worldwide Interbank Financial Telecommunication) to make financial transfers to and from Russia, in retaliation for the invasion military to Ukraine, “there is a logical possibility that there will be difficulties in operations with Russian financial institutions, which could have repercussions in some Latin American countries.” To this end, he urged the treasurers and bank executives present at the meeting to be alert and evaluate the application of preventive measures in this situation to avoid affecting the proper development of the Dominican financial system.
Regarding the issue of cybersecurity, the governor indicated that, given the possibility of a large-scale computer attack, the Dominican Republic has an excellent cybersecurity protection system designed by Israeli specialists, endorsed by the most important US entities. and coordinated by the BCRD, to which most Dominican financial institutions are interconnected. Valdez Albizu assured that “we are prepared for this type of threat that has already occurred in some European countries, although we remain constantly alert and ready to offer any assistance and cooperation to all the institutions of the Dominican financial system in prevention work.”
Fernández W. referred to Dominicans in the region
The Superintendent of Banks, Alejandro Fernández W., referred to the possible humanitarian situation caused by the need of Dominicans who are in Ukraine and Russia, some residing or studying in one of those two countries, who could be affected by the suspension of the SWIFT code and, therefore, with the impossibility of receiving resources. He recalled that the cancellation measure of the SWIFT code has not yet been carried out with all the banks of the Russian financial system, so there are alternative ways that make it possible to assist these Dominicans.
