Economy August 4, 2021 | 8:48 am

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Dominican banks take credit for recovery

Cypriot President Tassos Papadopoulos takes the first euro banknotes from an ATM machine at the finance ministry in Nicosia, early 01 January 2008. Cyprus officially joined the eurozone at midnight (2200 GMT) today, bidding farewell to the Cyprus pound and expanding the club of countries using the single European currency to 14. The eastern Mediterranean island adopted the euro one hour ahead of Malta to the west, less than four years after both states joined the 27-member bloc. AFP PHOTO/STEFANOS KOURATZIS (Photo credit should read STEFANOS KOURATZIS/AFP/Getty Images)

Santo Domingo.- The multiple banking that operates in the country has made an effort in 2021 to continuously improve the quality of its assets and to strengthen the equity base, via a sustained increase in capitalization levels, the Association of Multiple Banks of the Dominican Republic (ABA) said Tue..

The ABA highlighted the outstanding performance of the Dominican economy, after it exceeded all expectations of recovery in the first half of the year, reaching a growth of 13.3%, as recently reported by the Central Bank.

In a statement, the entity highlighted that the banking sector has played a fundamental role in this context, functioning as an efficient channel of transmission of the monetary policy implemented by the authorities to mitigate the effects of the pandemic, channeling credit to the homes and businesses.

The ABA added that during January-June bank credit in national currency expanded by around 8.5% annually, a rate that is almost three times the average for Latin America (3%).

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