Bank of the Year, Dominican Republic: Banco Popular Dominicano

Nov 1, 2013

Fiscal reform in the republic has put pressure on bank profitability

Authorities in the Dominican Republic are doing their best to revive a flagging economy. But for the nation's banks, the policy measures have not been without their costs. GDP growth dropped from 7.8% in 2010 to around 4% in 2012. The government reformed the tax system in late 2012, increasing value added tax among other measures. At the same time, it cut spending in the early part of 2013. The economy felt...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management