Major moneychanger must be halted, lawmakers warn

Santo Domingo.- Two ruling PLD party senators on Tuesday warned that the transactions of the moneychanger Globo Cambio aren’t being monitored and called on the Banks Superintendence to immediately halt its operations.

Tommy Galan and Charlie Mariotti called for the intervention of the currency exchange business which has offices at all airports, to subject it to the exchange markets’ regulatory control, as the Monetary and Financial Law 183-0 2y stipulates.

The urged the Monetary Board, Central banker Hector Valdez Albizu and Banks superintendent Armando Alvarez to adopt safeguards within 30 days and asked Senate president Cristina Lizardo to name a committee to monitor the case.

Recent scandal

Galan’s and Mariotti’s warning comes in the heels of the Peravia bank US$22.0 million embezzlement scandal, and stokes the population’s frustration with the bank failures in 2003, which cost Dominican taxpayers nearly US$4.0 billion and sent the economy into a tailspin.