The Reserve Bank of the Dominican Republic inaugurated its inaugural representative office in the United States on Wednesday night.
This significant event included the participation of President Luis Abinader, who was in New York attending the United Nations General Assembly on behalf of the Dominican Republic.
The establishment of this second foreign branch of the Dominican bank occurs after the approval by the United States Federal Reserve in June of the installation of two representative offices, one in New York City and the other in Miami, Florida.
“This is a historic day for our bank, #ElBancodeTODOSlosDominicanos, as we officially open the doors of our first Reserve Bank Representative Office in the United States, located in the city of #NewYork,” the Reserve Bank proudly announced in your Twitter account.
The New York office will be located within the Radio Hotel, strategically located in the heart of the vibrant Little Dominican Republic in Upper Manhattan.
These representative offices of the state bank aim to streamline banking services for the Dominican diaspora, which comprises nearly three million people.
On January 17, Madrid became the first foreign city to host a representative office of the state Reserve Bank (Banreservas).
With the incorporation of these two new offices in Miami and New York, Banreservas is proud to become “the first Dominican bank with a presence in these important American cities,” emphasized Samuel Pereyra, bank administrator.
Regarding the capabilities of these representative offices, the Reserve Bank has clarified that all the bank’s services will be available, but financial transactions will be processed in the Dominican Republic.
In practical terms, although Banreservas cannot carry out financial intermediation operations abroad, such as receiving deposits, it can facilitate the necessary procedures at its offices in the Dominican Republic.
This means that Dominicans residing abroad will initially have access to services such as mortgage loan applications, remittance accounts, financial instruments, and insurance management.
These services will allow them to carry out banking transactions without having to travel to the Dominican Republic.
Banreservas announced that it began the process of establishing its representative offices abroad after obtaining approval from the Superintendency of Banks and the Monetary Board of the Central Bank of the Dominican Republic in January 2022.