The general manager of BANDEX, Guarocuya Félix, spoke in an exclusive interview for the newspaper El Dinero in its special edition for the Felaban Assembly 2018, in which he considered that human beings are the most precious asset of the Dominican Republic.
The National Export Bank (Bandex) is a state entity whose name largely summarizes its reason for being. In addition to being a financial entity specialized in supporting a sector that demands significant resources to dedicate to production with an export vocation, its purpose is aimed at internationalizing the Dominican company, all with the aim of making it more competitive and recognized internationally.
Its general manager, Guarocuya Félix, has been working hard to place Bandex on the financial map for just over two years, achieving important progress, which has been recognized by international rating firms.
How do you see the relationship between banking and the economy?
The relationship is very direct. The economy cannot develop if it does not have an efficient financial system capable of channeling resources to the sectors that demand them to produce or consume. Today we have a financial system in the Dominican Republic that is extremely consistent, strong, with prudential standards, with good regulatory bodies that allow the financial system to contribute significantly to the growth of the economy. You just have to look at the contribution that the financial sector makes to GDP. If we talk about a certain success in terms of economic growth, one of the main elements has been the development of the financial system.
To what extent do you consider that Bandex contributes to the development of GDP?
Bandex will contribute to the development of the gross domestic product (GDP), since this entity is a relatively new project, whose law was approved in July 2015 and its deep reform process begins in July 2016, that is, from July to July. Bandex is considered, from a technical point of view, as an instrument of active policy and it is a success of President Danilo Medina to have created Bandex to the extent that it will be an instrument that will serve to mitigate the risk of a sector that is vital not only creation of jobs, but for the generation of foreign currency for the Dominican Republic. It will mitigate risk for the export sector through different financial instruments. We are familiar with short, medium and long-term bank credit or credit derivatives.
To read the full interview please follow this link:
El Dinero Interview with Guarocuya Félix, General Manager of BANDEX
