November 1, 2010
The state-run bank known as Banreservas is now looking to grow financing. Helping Banreservas is its reputation as a safe haven bank, Fitch analyst Franklin Santarelli tells LatinFinance. "The bank is highly regarded by the Dominicans. The institution has been one of the few safe havens in the country in times of systemic economic stress."
In fact, contrary to what happened with many large banks in the US and Europe, Banreservas did not require any capital injections during the financial crisis, Santarelli adds.
The government did, however, take steps to strengthen the economy during the crisis. Among those steps were an expansion in public spending and reduction in central bank rates,
Banco de Reservas has shrugged off macroeconomic weakness in the Dominican Republic caused by the global financial crisis and continues to grow.