Dominicans tried to create a commercial bank at the time of National Independence. In the Dominican Republic\u2019s first constitution, on the 6th of November 1844, in the sixth ordinal of Article 94, among the functions of the National Congress were the following, \u201cAcquire debts on National Credit\u201d, \u201cOrder the creation of a national bank\u201d, \u201cDetermine and standardize the value, weight, type and name of the currency, without it carrying the bust of any person. This measure was effectively a dead letter. During the period known as \u201cThe First Republic\u201d (1844 \u2013 1861) a certain amount of progress was made in industrial and commercial sectors, and it was clear to see that various social institutions were flourishing, amongst which was the bank.<\/p>\n
In 1844 Haitian currency was withdrawn, which had been in circulation across the whole island since 1822. But the emerging nation still did not have an official banking institution that could take legitimate action concerning the release of a Dominican currency. The Governing Central Military Junta assumed this right on the 29th of August 1844, and decreed \u201cto produce and make immediately available bank notes of 5 pesos each, up to the amount of 100,000 pesos, which will be considered currency across the whole territory of the Republic\u201d. However these releases lacked support and were regulated by special decrees from the proceeding governments who used them for their own ends. This became before long the Dominican currency for goods, then depreciated and rejected by almost all Dominican citizens.<\/p>\n
In 1856 the first Dominican sociologist, Pedro Francisco Bon\u00f3, submitted a motion to the Senate with the objective of \u201cdefinitively regaining confidence in the obligations of the government\u201d and proposed a project for a national bank, where the guarantee would be \u201cthe income of the government, savings funds and national properties, and its operations would be the same as those of any other bank\u201d. Thirteen years later, in the fourth administration of General Buenaventura B\u00e1ez, was when steps were taken to create the first Dominican bank. This was granted in July 1869, to the North American citizens Edward\u00a0Prime, Jr and Edward P. Hollister. The resolution stipulated that given \u201cthe great importance that it will have for the country\u2019s commerce and industry, the creation of a issuing bank, importing capital from abroad, would stimulate material progress in the Republic\u201d and full authorization was given to the two men mentioned above for the founding of an \u201c Exchange, Deposit Bank\u201d etc., under the name of the \u201cNational Bank of Santa Domingo\u201d, or any other name that they wished to use.<\/p>\n
Source: Central Bank of the Dominican Republic <\/p>\n Did you know?<\/strong> The Central Bank of the Dominican Republic was created October 9, 1947, confirmed with the Organic Law No.1529, and began its operation October 23 of the same year as a decentralized and autonomous agency. At present the bank is government by the Monetary and Finance Law.<\/p><\/blockquote>\n <\/p>\n To Access the Monetary and Finance Law of the Dominican Republic, as well as other laws, decrees and related provisions, visit: http:\/\/www.bancentral.gov.do\/normativa\/leyes\/<\/a><\/p>\n Currently the Association of Commercial Banks of the Dominican Republic, Inc. (ABA) exists to unite all the banks that operate in the country. ABA was founded in 1979 with the purpose of grouping the commercial Banks and unifying criteria for the development of the banking sector and the country.<\/p>\n More information about ABA: http:\/\/www.aba.org.do<\/a><\/span><\/p>\n <\/p>\n Additional References and related links:<\/strong><\/p>\n The Dominican Banking System, its evolution, history and perspectives: 50 years of banking in the Dominican Republic, maturity and solvency<\/strong> Banking in the Dominican Republic:<\/strong> Dominicans tried to create a commercial bank at the time of National Independence. In the Dominican Republic\u2019s first constitution, on the 6th of November 1844, in the sixth ordinal of Article 94, among the functions of the National Congress were the following, \u201cAcquire debts on National Credit\u201d, \u201cOrder the creation of a national bank\u201d, \u201cDetermine … Continue reading “History of the Bank”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":6084,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"class_list":["post-1033","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/www.dominicanaonline.org\/en\/wp-json\/wp\/v2\/pages\/1033"}],"collection":[{"href":"https:\/\/www.dominicanaonline.org\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.dominicanaonline.org\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.dominicanaonline.org\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.dominicanaonline.org\/en\/wp-json\/wp\/v2\/comments?post=1033"}],"version-history":[{"count":7,"href":"https:\/\/www.dominicanaonline.org\/en\/wp-json\/wp\/v2\/pages\/1033\/revisions"}],"predecessor-version":[{"id":9930,"href":"https:\/\/www.dominicanaonline.org\/en\/wp-json\/wp\/v2\/pages\/1033\/revisions\/9930"}],"up":[{"embeddable":true,"href":"https:\/\/www.dominicanaonline.org\/en\/wp-json\/wp\/v2\/pages\/6084"}],"wp:attachment":[{"href":"https:\/\/www.dominicanaonline.org\/en\/wp-json\/wp\/v2\/media?parent=1033"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nMore information: http:\/\/www.bancentral.gov.do<\/a><\/span><\/p>\n
\n<\/strong>http:\/\/www.soriano.8m.com\/sistemdom.htm<\/a><\/p>\n
\nhttp:\/\/hoy.com.do\/50-anos-de-la-banca-en-rdmadurez-y-solvencia\/<\/a><\/p>\n
\nhttp:\/\/www.listindiario.com\/puntos-de-vista\/2012\/08\/31\/245589\/la-banca-en-rd<\/a><\/p>","protected":false},"excerpt":{"rendered":"