Portal:Dominican Republic
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The Dominican Republic (Spanish: República Dominicana, pronounced [re'puβlika ðomini'kana]) is a Latin American country located in the Greater Antilles archipelago on the Caribbean island of Hispaniola. It shares the island with the Republic of Haiti, making Hispaniola one of two Caribbean islands that are split by two countries; the other is Saint-Martin/Sint Maarten. Hispaniola is the second-largest of the Greater Antilles, and lies west of Puerto Rico and east of Cuba and Jamaica.
The Dominican Republic is the site of the first permanent European settlement in the Americas, its capital Santo Domingo, which was also the first colonial capital in the Americas. It is the site of the first cathedral, university, European-built road, European-built fortress, and more.
For most of its independent history, the nation experienced political turmoil and unrest, suffering through many non-representative and tyrannical governments. However, since the death of military dictator Rafael Leónidas Trujillo in 1961, the Dominican Republic has moved toward representative democracy.
The first Dominican peso was introduced in 1844. It replaced the Haitian gourde at par and was divided into 8 reales. The Dominican Republic decimalized in 1877, subdividing the peso into 100 centavos. A second currency, the franco, was issued between 1891 and 1897 but did not replace the peso. However, in 1905, the peso was replaced by the U.S. dollar, at a rate of 5 pesos to the dollar. The peso oro was introduced in 1937 at par with the U.S. dollar, although the dollar continued to be used alongside the peso oro until 1947. (more...)
During his first term in office, Fernández's political agenda was one of economic and judicial reform. He helped enhance Dominican participation in hemispheric forums, such as the Organization of American States and the Miami Summit. The Dominican economy enjoyed an average growth rate of seven percent, the highest in Latin American in that period, along with countries like South Korea. Inflation was stabilized in the low single digits, the lowest in all of Latin America. He served a four-year term as president between 1996 and 2000. (more...)
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Beach on the Saona Island, Dominican Republic.
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