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Citi S and Ser Co Over Ba System Clearing System For Ex Controls Inv Oppo Trade Regulations DOMINICAN REPUBLIC COUNTRY PROFILE OMINICAN REPUBLIC D

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Page 1: COUNTRY PROFILE - Citibank · with only one of its furnaces operating, pending developments in world nickel markets. Free-zone manufacturing grew by 13.8% year on year, following

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D O M I N I C A N R E P U B L I C

COUNTRYPROFILE

OMINICAN REPUBLICD

Page 2: COUNTRY PROFILE - Citibank · with only one of its furnaces operating, pending developments in world nickel markets. Free-zone manufacturing grew by 13.8% year on year, following

Capital City: Santo Domingo

Land Area: 48,511 sq km

Population: 9.9 M

Main Towns:

Climate: Subtropical

Language: Spanish

Measures: Metric system, area often used: 6.4 areas=1 acre; 15.9 areas=1ha

Currency: 1 peso (Ps) = 100 centavos; average exchange rates: Ps36.9:US$1; Ps48.9:€1

Time:

4 hours behind GMT

Government:

Source: The Economist Intelligence Unit as of February 2012

1

COUNTRY OVERVIEW

Santiago 908 M

Puerto Plata 313 M San Pedro de Macoris 302 M

President Vice-president Agriculture Culture Economy, Planning & DevelopmentEducation Environment Finance Foreign Affairs Industry & Commerce Interior & Police Labor Public Health Public Works Sport Tourism Women Youth Attorney-General Central Bank Governor

Leonel Fernández Rafael Alburquerque Salvador Jiménez José Rafael Lantigua Temístocles Montás Josefina Pimentel Jaime David Fernández Mirabal Daniel Toribio Carlos Morales Troncoso Manuel Garcia Arevalo Ramón Fadul Max Puig Bautista Rojas Gómez Víctor Díaz Rúa Felipe Jay Payano Francisco Javier García Alejandrina Germán Franklin Rodriguez Ramón Radhamés Jiménez Peña Héctor Valdez Albizu

BASIC DATA

D O M I N I C A N R E P U B L I C

Page 3: COUNTRY PROFILE - Citibank · with only one of its furnaces operating, pending developments in world nickel markets. Free-zone manufacturing grew by 13.8% year on year, following

Source: The Economist Intelligence Unit as of February 2012

A. POLITICAL STRUCTURE

2D O M I N I C A N R E P U B L I CCiti Transaction Services Latin America & Mexico

COUNTRY OVERVIEW

Official Name Dominican Republic

Form of State Representative democracy with a US-style Congress and presidency

Head of State On May 16th 2008 Leonel Fernández was elected for a third term as president

The Executive The president has executive power, appoints a cabinet and holds office for four years

National Legislature Bicameral Congress, with both houses directly elected; the Senate (the upper house) has 32 members, one for each province and one for the national district; the Chamber of Deputies (the lower house), has 183 members, and is elected every four years Legal System There are local justices covering 72 municipalities and 18 municipal districts; each province acts as a judicial district; the highest court is the 15-member upper house, which is appointed by the national council of magistrates

National Elections The last presidential election was held on May 16th 2008; the last legislative and municipal elections were held on May 16th 2010; the next presidential election is due to be held on May 16th 2012; the next presidential, legislative and municipal elections are due to be held on May 16th 2016

National Government The president’s PLD party has a majority in the 2010 Congress that was inaugurated in August 2010 for a six-year period. The PLD has 31 senators and 105 deputies; the PRD has zero senators and 75 deputies; and the PRSC has one senator and three deputies

Main Political Organizations Government and allies: Partido de la Liberación Dominicana (PLD); Partido Reformista Social Cristiano (PRSC) Opposition: Partido Revolucionario Dominicano (PRD)

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The president, Leonel Fernández, of the ruling centre-right Partido de la Liberación Dominicana (PLD), is constitutionally barred from standing for reelection and will gradually lose influence as the May 2012 presidential ballot nears. Commitments to planned unpopular reforms, such as energy price increases, may weaken as electoral considerations come to the fore. Unless an extension is agreed, an IMF stand-by arrangement will expire in March 2012, creating some policy uncertainty thereafter. Drug-trafficking and related violence will be the main threats to security and stability in 2012-16.owing to the country’s position as a drug-transshipment route, as well as the weakness of the domestic security forces. Short-term political stability will be sup-ported by the PLD.s two-thirds majority control of Congress (the legislature), which will provide support for the current governments legislative programme over the remain-ing months of its term, but polemical reforms, especially those with the potential to damage the PLD.s electoral chances, are likely to be postponed. High levels of unem-ployment, income inequality and poverty could lead to an increase in unrest if, as seems likely, the external drivers of the economy weaken and the government’s ability to stimulate growth remains highly restricted. The PLD faces a strong challenge from the opposition Partido Revolucionario Dominicano (PRD) at the presidential election. The tight contest may expose the government to pressure as interest groups and trade unions seek to gain advantage ahead of the vote by pressing for higher wages and other benefits. Whoever wins the presidency, the PLD will retain its legislative majority until 2016, when congressional and presidential elections will be held simultaneously.

Close relations with the US will centre on addressing security and drug trafficking chal-lenges, as well as on trade and investment under the Dominican Republic-Central America Free-Trade Agreement (DR-CAFTA). Relations with Europe will be underpinned by an Economic Partnership Agreement (EPA, a reciprocal trade agreement compatible with the World Trade Organization, or WTO) signed with the EU in 2008. However, inter-national engagement will diminish in 2012, as electoral considerations take precedence, and after Mr. Fernández leaves office, as the Economist Intelligence Unit does not expect the next president to be as active on the international scene. Whichever party wins the election, the next government will continue to focus on attracting foreign investment and expanding trade. Relations with Venezuela will be underpinned by pref-erential oil-financing terms under the PetroCaribe agreement (assuming that it remains in force and is not derailed by political changes in Venezuela) and a joint refin-ery investment. The administration will continue to collaborate with the Haitian govern-ment that took office in May 2011, but tensions surrounding illegal migration are likely to persist, as Haiti will remain politically and economically weak, spurring ongoing emi-gration.

B. POLITICAL OUTLOOK 2012 - 2016

3D O M I N I C A N R E P U B L I C

COUNTRY OVERVIEW

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Preliminary supply-side national accounts data published by the BCRD for the first nine months of 2011 show that real GDP grew by 4.2% year on year, compared with 7.6% in the same period in 2010. Restrictive monetary policy in effect since October 2010 has succeeded in curbing credit growth and cooling internal demand. Strong inflationary pressures in the first half of 2011 also eroded consumer purchasing power and demand. In January-September, all sectors experienced slower growth. The sole sector to out-perform in the period was mining, which grew by 73.9% year on year compared with the same period in 2010. The mining output boost has come from the resumption of ferrousnickel extraction by Canada’s Xstrata Nickel at the Falconbridge Dominicana (Falcondo) mine complex, following a lengthy shutdown (August 2008 to March 2011). Falcondo has been producing a little over 1,000 tones/month of refined metal equiva-lent since the second quarter of 2011. It will continue, however, to run at 50% capacity with only one of its furnaces operating, pending developments in world nickel markets. Free-zone manufacturing grew by 13.8% year on year, following several years of con-traction, as textile exports struggled to compete in the main US market. Communica-tions has begun to show the effects of slowing internal demand, contracting by 1.7% year on year during the first nine months of the year. Service-intensive sectors such as financial services; hotels, bars and restaurants (a proxy used for tourism activity); and commerce continued to grow moderately, but activity growth was relatively sluggish compared with the double-digit growth rates seen in 2010, when recovery from a down-turn in 2009 was at its height and fiscal stimulus measures peaked. Domestic market manufacturing and agricultural output also grew modestly, as these sectors continue to benefit from high demand for Dominican products from neighboring Haiti.

C. ECONOMIC PERFORMANCE

D. ECONOMIC FORECAST

COUNTRY OVERVIEW

4D O M I N I C A N R E P U B L I CCiti Transaction Services Latin America & Mexico

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Economic Growth

Weakening of the global growth outlook in the light of the euro zone debt crisis and downward revisions to US GDP growth will curb the Dominican Republic’s growth pros-pects in 2012-13. We expect real GDP in the US to suffer a more prolonged weakening before a recovery commences in 2013. We foresee US growth of just 1.3% in 2012 with only a moderate pick-up to 1.8% in 2013. The dip in US growth will directly affect the Dominican Republic owing to its close dependency on the US for trade, investment and tourism, despite efforts to diversify. However, a more marked slowdown will be pre-vented by an expansion in minerals production and firmer government spending in early 2012, ahead of the May presidential election. We estimate Dominican GDP growth of 4.1% in 2011, with a mild rebound to a forecast 4.6% in 2012.a markedly slower pace of growth than the 6.3% average in 2007-10. We forecast a further pick-up in growth in 2013-16 to average 5.4%, on the assumption that global trade and GDP growth acceler-ate from 2013. The less sprightly outlook for growth is partly owing to the government’s need to raise the tax take and cut spending. This will slow both public and private con-sumption growth and dampen investment.

Weak net job creation and stagnant remittances growth will keep private consumption demand more subdued in 2012-16 than in 2006-10. However, an easing of the fuel import bill in 2012 will aid some recovery in private consumption demand in 2012-13. Gross fixed investment will grow by an average annual rate of 8.6% in 2012-16, supported by foreign direct investment (FDI) and some public capital investment financed by official lending. A rebound in export volumes will gather pace from 2012, owing partly to the restarting of ferrous-nickel mining operations, and the first output from the Pueblo Viejo gold mine. Real import growth will stay firm, supported by domestic demand growth. This will reduce the net contribution from trade and drag down overall GDP growth in the earlier part of the outlook period.

On the supply side, free-zone manufacturing for export will continue to struggle, but local manufacturing, including the production of beverages, milling and oil refining, will expand. Industrial production will be boosted by increased mining activity. Services will continue to outperform other sectors and expand as a share of GDP, from 64.7% in 2012 to 65.9% in 2016.

COUNTRY OVERVIEW

5D O M I N I C A N R E P U B L I C

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In�ation

As transport and fuel costs weigh heavily in the consumer price index (CPI), monthly in�ation will continue to �uctuate in line with changes in international commodities and oil prices. Firmer international food and fuel prices raised in�ation to a monthly average of 1% in the �rst seven months of 2011, but eased since August. The impact of a gradual tightening of both monetary and �scal policy was o�set by higher energy prices and robust consumer demand, but both of these in�uences are now waning. As a result of stronger than expected price increases in June and July, we now expect in�ation to average 8.5% in 2011 and end the year at 8%, well above the BCRD’s upwardly revised 6-7% target range for the year. In�ation will moderate in 2012, to 5.2% at year-end, and will be relatively stable in 2013-16, at an annual rate of around 5%. A possible renewed round of fuel and food price increases (both domestic and imported), or a signi�cant weakening of the peso (although this is not our current central forecast scenario) are both risks that could push in�ation higher than forecast.

Exchange Rates

We expect peso depreciation to remain relatively controlled in the outlook period, with the local currency weakening from Ps38.4:US$1 at the end of 2011 to Ps39.6:US$1 by the end of 2012, and further to Ps45.2US$1 by the end of 2016. This represents a nominal annual aver-age depreciation of 3.1% in 2011-12, and a slower average weakening of 2.6% in 2013-16, owing to some �scal consolidation, broadly cautious economic policies, controlled in�ation and a stronger foreign reserves position. Depreciation pressures in 2011-12 re�ect a widen-ing current-account de�cit in 2011 and a higher gross �nancing requirement. As a result of high in�ation, the real exchange rate appreciated in 2011, but, as in�ation pressures ease, a mild real depreciation will take place in 2012-13. Fragilities in the �scal accounts or a possible drying up of liquidity arising from the euro zone sovereign debt crisis could contribute to increased volatility in the foreign-exchange market.

COUNTRY OVERVIEW

Citi Transaction Services Latin America & Mexico6

D O M I N I C A N R E P U B L I C

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COUNTRY OVERVIEW

External Sector

The current-account deficit will continue to fluctuate in line with the price of oil imports throughout the outlook period. After a sharp rise to 10.3% of GDP in 2011 (0.6 percentage points above 2008 levels, when oil prices last spiked), the current-account deficit will narrow but still remain wide at 6.2% in 2012 and 5.2% in 2013, as the trade deficit shrinks on the back of rising mining exports. Weak growth of inflows from tour-ism and workers’ remittances will prevent a sharper narrowing. The increase in the oil import bill in 2011 offset the export boost from the resumption of nickel exports, resulting in an estimated trade deficit of 10.5% of GDP. As the external picture improves in 2012-13 and oil prices ease, the trade deficit will narrow in GDP terms to 8.8% in 2013, before resuming a gradual widening trend, again driven by the oil import bill. The structural surplus on the services account will decline mildly as a per-centage of GDP, as both a rebound in tourism earnings from 2013 and recent increases in spending on insurance and freight will slightly lag overall GDP growth. The current transfers surplus will narrow from 5.4% of GDP in 2012 to 5% by 2016 (down from an average of 7.5% in 2006-10), as workers’ remittances will grow only slowly. After falling to an estimated low of US$1.6bn in 2010, FDI will recover steadily in 2012-16 to reach US$2bn by the end of the forecast period, covering around 29% of the current-account deficit.

7D O M I N I C A N R E P U B L I C

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COUNTRY OVERVIEW

8D O M I N I C A N R E P U B L I CCiti Transaction Services Latin America & Mexico

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COUNTRY OVERVIEW

9D O M I N I C A N R E P U B L I C

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COUNTRY OVERVIEW

10D O M I N I C A N R E P U B L I CCiti Transaction Services Latin America & Mexico

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Dominican companies and its off-shore legal entities can open local current accounts in DOP and savings accounts in USD. Such accounts can be used for receivables and for pay-ments of its own currency obligations and international payments in other currencies. Citibank DR acts as an agent to open accounts in New York and London if requested by its customers.

Opening Accounts with CITI Dominican Republic

• The banking system has wire transfer capabilities between local banks (ACH) only in Dominican Peso currency. There is a same day value, with a cut off time of 12:30PM ET.• Checks are valid for 6 months after issuance. • Local check deposits have a transit of 2 labor days starting on the next day of the deposit.• USD check deposits have a transit of 8 labor days starting on the next day of the deposit.• CITI DR has 2 main branches in Santo Domingo and Santiago, but also has a local network extension with Banco Multiple Leon to use over 60 branches for depositing Citi accounts.• Supplier payments are made via check or electronic credit to a bank account.

CASH MANAGEMENT SERVICES

A. GENERAL BUSINESS TERMS AND CONDITIONS

B. CITIBANK’S ACCOUNT SERVICES SOLUTIONS IN DOMINICAN REPUBLIC

C. CITIBANK’S PAYMENT SOLUTIONS IN DOMINICAN REPUBLIC

CITI SOLUTIONS & SERVICES

Services Offered

• Local Currency Demand Deposit Account• Local Currency and US Dollars Savings Accounts • Interest Bearing Accounts (Overnight Investment Sweep)• Zero Balance • Cross Border Accounts: DDA New York, EURO• Overdraft Credit Line Facilities (Citiflex)• Uncollected Funds Credit Line Facilities

Paylink is our payment gateway for Interbank Transfers (ACH), Managers Checks, and Book to Book transfers.

Citibank Paylink

11D O M I N I C A N R E P U B L I C

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CITI SOLUTIONS & SERVICES

Etax Payments

Web-based solution to allow our customers the electronic origination and real-time vali-dation of Tax Payments from tax collectors, which include payments of Income Tax, Social Security Tax, Import and Export Customs tax, and Personal Income Tax pay-ments. This solution helps customers to reduce the tax payment cycle and reduce oper-ating costs. It also helps the government to make more efficient and increase the tax collections.

WorldLink ® Payment Services

Combined with the power of CitiDirect Online Banking, WorldLink® offers you complete control over cross-border payments via the Web, as well as real-time access to competi-tive foreign exchange rates from anywhere in the world.

Active Collection – RCO

Active Collection is a suite of solutions that replaces paper-based processes and allows the entire invoice-to-payment cycle to be automated and managed online. This helps in accelerating payment settlement, reducing back office processing costs, integrating and reconciling with customers ERP, and improving customer service capabilities.

Network Extension (SpeedCollect)

SpeedCollect is a simple deposit service of identified check and/or cash deposits at any Citi branch or partner branch where a pre-printed deposit slip, used by the depositor, includes invoice payment information. Invoice payment information includes, the invoice number, Payer ID, Dates and amounts, so that our customers can later identify and reconcile their A/R. Cash Pick Up Services

Citi DR offers door-to-door services to your customers’ offices for the collection of cash, checks, documents and other items of value. Citi outsources this service to providers whose expertise is in the area of logistics management, and leverages their network to provide extensive coverage in order to meet the full scope of your requirements. Citi remains fully responsible for managing the performance of the outsourced provider and continues to be the single point of contact in terms of ensuring quality service delivery.

D. CITIBANK’S COLLECTIONS SOLUTIONS IN DOMINICAN REPUBLIC

Citi Transaction Services Latin America & Mexico12

D O M I N I C A N R E P U B L I C

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CITI SOLUTIONS & SERVICES

Receivables Solutions

This program is a tool for customers who are looking for automated receivables finance solutions that accelerate the cash conversion cycle, thereby freeing up working capital requirements.

Citi Supplier Finance

Citi’s Supplier Finance Program is a tool for large buyers to support suppliers’ working capital needs as well as ensuring continuity across the supply chain sourcing. As a Buyer, you can combine benefits of a solid payment process while strengthening long-term busi-ness relationships with your suppliers.

E. CITIBANK’S CHANNEL FINANCE SOLUTIONS

Direct Debit ACH

Direct Debit ACH is an Online solution that provides electronic mechanisms for the collections & receivables management and cash concentration needs of our Corporate Clients through the electronic generation of Direct Debits to other banks.

13D O M I N I C A N R E P U B L I C

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MARKET GUIDE FOR TREASURY

Allowed —No material restrictions

Allowed —Straightforward regulations, approval or license

Allowed —Challenging regulatory approval or license

Allowed —Subject to a complex set of rules

Strictly Prohibited

Operating Accounts 1, 2, 3 Non-Residents ResidentsOnshore local currencyOnshore foreign currencyOffshore local currencyOffshore foreign currency

Overdrafts 4, 5 Non-Residents ResidentsOnshore local currencyOnshore foreign currency

Interest-Bearing Accounts Non-Residents ResidentsOnshore local currency operating accountsOnshore foreign currency operating accounts

Time Deposits Non-Residents ResidentsOnshore local currencyOnshore foreign currency

Domestic Notional Pooling 6 Non-Residents ResidentsOnshore local currencyOnshore foreign currency

Inter-Company Lending 7

Non-Resident to Resident Resident to Non-ResidentLocal currencyForeign currency

Non-Residents ResidentsLocal currencyForeign currency

FX Convertibility/Transferability

• Local Currency is freely convertible domestic and offshore.

14D O M I N I C A N R E P U B L I CCiti Transaction Services Latin America & Mexico

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MARKET GUIDE FOR TREASURY

Central Bank and other Regulatory Requirements

• No material requirements.

Tax and Transfer Pricing Considerations

• Corporate tax 25%, withholding tax 25% (with 10% for loans provided from financial institutions to local counterparties).

• Arm’s-length transfer pricing is recommended for any intercompany arrangement.

Other Payment and Clearing Considerations for Treasury

• No major restrictions on non-residents making payment on behalf of residents.

For more information, please visit www.transactionservices.citi.com.

Notes:1 There is a Debit Tax on all FX and outbound wire transfers.2 Non-resident must provide the corresponding legal documentations as per local regulation in order to

initiate a bank relation in the Dominican Republic.3 US Dollar checking accounts are strictly prohibited according to Dominican regulation. Saving accounts

are allowed in foreign currency (only USD).4 Overdrafts have to be covered by a loan after 24 hours of origination date.5 Non-resident must provide the corresponding legal documentations as per local regulation in order to

initiate a bank relation in the Dominican Republic.6 The ability of performing netting as per local regulation is not allowed.7 Intercompany lending has to be under same characteristics to normal clients (arm’s length).

15D O M I N I C A N R E P U B L I C

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CONTACT INFORMATION

Sales Heads

Industry Sector Heads

Carolina JuanTreasury and Trade Solutions Client Sales ManagementLatin America & Mexico HeadCiti Transaction ServicesEmail: [email protected]: + 57 (316) 743 - 9347Of. Phone: +57 (1) 639 - 4026

Industrials SectorInes Vargas BarreraEmail: [email protected]: +52 (181) 8366 - 5190Of. Phone: +52 (81) 1226 - 8525

Branding, Consumer and Healthcare SectorOscar MazzaEmail: [email protected]: +1 (305) 588 - 9396Of. Phone: +1 (305) 347 - 1336

Technology, Media and Telecom SectorGabriel KirestianEmail: [email protected]: +54 (911) 3301 - 4826Of. Phone: +54 (11) 4329 - 1516

Energy, Power and Chemicals SectorPeter LangshawEmail: [email protected]: +55 (11) 6183 - 6958Of. Phone: +55 (11) 6183 - 6958

Public SectorJorg PaascheEmail: [email protected]: +52 (1) 55 5453 - 0103Of. Phone: +52 (55) 2226 - 6020Based: Mexico DF, Mexico

Non Bank FI Sector (NFBI)Ricardo DessyEmail: [email protected]: +54 (911) 6641 - 9752Of. Phone: +54 (11) 4329 - 1471Based: Buenos Aires, Argentina

BrazilAdoniro CestariEmail: [email protected]: +55 (11) 7130 - 9447Of. Phone: +55 (11) 4009 - 7838Based: Sao Paulo, Brazil

Central AmericaEvelin MadridEmail: [email protected]: + 506 8701 - 4529Of. Phone: +506 2588 - 7541Based: San Jose, Costa Rica

MexicoMiguel YtuarteEmail: [email protected]: +52 (1) 55 4088 - 2284Of. Phone: +5255 (1226) 8895Based: Mexico DF, Mexico

Andean RegionCarolina JuanEmail: [email protected]: + 57 (316) 743 - 9347Of. Phone: +57 (1) 639 - 4026Based: Bogota, Colombia

ArgentinaAdrian ScosceiraEmail: [email protected]: +54 (911) 5674 - 6966Of. Phone: +54 (11) 4329 - 1194Based: Buenos Aires, Argentina

16D O M I N I C A N R E P U B L I CCiti Transaction Services Latin America & Mexico

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Citi Transaction Serviceswww.transactionservices.citi.com

© 2012 Citibank, N.A. All rights reserved. Citi and Arc Design is a trademark and service mark of Citigroup Inc., used and registered throughout the world. All other trademarks are the property of their respective owners.