During the XV International Congress of Finance and Auditing (CIFA) and the XX Latin American Seminar of Accountants and Auditors (SELATCA), the monetary and financial authorities highlighted the stability of the national banking system and expressed confidence in the strength of the Dominican economy to overcome the challenges, despite the scenario posed by the international environment.
The superintendent of the Superintendency of Banks, Alejandro Fernández W., affirmed that one of the challenges of the financial sector is oriented towards international financial information standards (IFRS), as a quality standard that would serve for international comparability, transparency with respect to the quality of its information and risk management, and the levels of consolidated supervision between the banking, securities, pension and insurance markets, which adapt to these principles.
In this sense, he announced the B327 strategy, a project to reduce the regulatory gaps that exist in the Dominican financial system, without the need to modify the Monetary and Financial Law, and which is expected to be implemented in January 2027, in line with recommendations. such as the International Monetary Fund (IMF).
In a space for questions with the participants, the superintendent highlighted that the financial sector is approaching 20 years of stability, motivated by the changes generated both at the public level and among private actors.
Likewise, he valued the management that financial entities have had with the liquidity funds provided by the central bank of the Dominican Republic, as a result of the pandemic, and specified that there have been no reports of non-compliance in this regard.
He pointed out the importance of cybersecurity to maintain confidence in the system and that, although it has not been affected, it is necessary to exhaust all the necessary efforts in this regard.
Also, Fernández W. took advantage of the occasion to highlight the professionalism and confidentiality with which financial entities have handled the legal requirements made by the Attorney General’s Office, through the Superintendency of Banks, which, he assures, have been “massive.”
Both congresses are organized by the Association of Multiple Banks of the Dominican Republic (ABA) and BDO Business School, and will take place this weekend in Punta Cana. During the opening ceremony, Rosanna Ruiz, executive president of the ABAhighlighted the effectiveness of health, monetary and fiscal policies in the context of the pandemic, allowing the achievement of results that have been international benchmarks, due to the rapid recovery of economic activity and employment.
In the same vein, and as part of the opening conference, the governor of the central bankHéctor Valdez Albizu, explained how the Dominican economy “is on the right path”, as a result of the implementation of an effective strategy to face the international crisis due to the COVID-19 pandemic and the war between Russia and Ukraine.
In addition, he stressed that banks have played a leading role in this crisis, after adding that “the financial system showed the great commitment it has with the country, putting short-term considerations aside in favor of a medium-term vision of sustainable development.” long term”.
Valdez Albizu reported the robust indicators of the financial sector in 2022, such as the growth of private credit in national currency; return on equity; high levels of solvency; and the low levels of delinquency that evidence the good behavior of bank customers.
