Reserve Bank of the Dominican Republic Opens First Representative Office in the United States
New York, USA – The Reserve Bank of the Dominican Republic has inaugurated its first representative office in the United States, marking a historic moment for the bank. The opening ceremony was attended by President Luis Abinader, who is currently in New York for the UN General Assembly.
This move comes after the United States Federal Reserve approved the installation of two representative offices in June this year, one in New York City and another in Miami, Florida.
“This is a day in which we mark history in the history of our Bank, #ElBancodeALLDominicans, which officially opens its doors in the city of #NewYork with the first Banreservas Representative Office in the United States,” tweeted Reservas.
The representative office in New York will be located at the Radio Hotel, situated in the heart of Little Dominican Republic in Upper Manhattan. This strategic location aims to facilitate banking services for the Dominican diaspora, which comprises nearly three million people.
Madrid was the first city abroad where the state Reserve Bank, Banreservas, opened a representative office on January 17. With the addition of the new offices in Miami and New York, Banreservas has become the first Dominican bank to establish a presence in these important cities in the United States, as highlighted by Samuel Pereyra, the bank’s administrator.
The Reserve Bank has announced that all of its services will be replicated in the representative offices. However, financial operations will be carried out in the Dominican Republic itself. While Banreservas cannot conduct financial intermediation operations abroad, such as receiving money in accounts, it can refer customers to its offices in the Dominican Republic for these procedures.
In other words, in the initial stage, Dominicans will be able to apply for mortgage loans, open remittance accounts, manage financial instruments, and handle insurance matters through the representative offices. This will eliminate the need for them to travel to the Dominican Republic to carry out banking procedures.
Banreservas obtained approval from the Superintendency of Banks and the Monetary Board of the Central Bank of the Dominican Republic in January 2022 to begin the process of opening its representative offices abroad.
The establishment of the representative office in the United States reflects the growing importance of the Dominican diaspora and its contribution to the country’s economy. It also signifies a significant step towards strengthening economic ties between the Dominican Republic and the United States.
This move by the Reserve Bank is expected to further enhance financial inclusion for Dominicans living abroad, empowering them to manage their finances more conveniently and efficiently.