🏦 ... the shame of 70,000 illegal banks in the Dominican Republic 🏦- A short story

in #travel2 years ago

Hola mi steemians

70'000 illegal banks - yes you have heard absolutely right - madness - There are more than 70'000 illegal banks (probably more than 100'000 banks) in the Dominican Republic. What a shame for this republic

A typical banca in the Dominican Republic

So elulidacion is needed and so let's get to the bottom of this phenomenon of illegal banking. The Dominicans know 2 different words for their "banks". On the one hand, the well-known banks for raising money, so the normal "Bancos and then there are the tens of thousands of small banks that they call" Bancas ", but they do not operate like the Bancos money market or where you have an account for Can save money.
Well, all right? Not? Ok, let me explain a little more:

Normally "Bancas are lottery agencies.
The Dominicans like to play for their lives and there is a special lottery for almost everything and everyone here. Be it gambling, car racing or horse racing etc.
Now, these 70-100,000 illegal "bancas" cause enormous damage to the state every year, far exceeding 14,000 million pesos, or 14 billion pesos. Approximately 250 million euros.
ok, for European conditions, this does not sound like a lot, but here in the Dominican Republic this amount would fully benefit to the population in form of a pension benefit. Uh, please? Yes you heard right. In form of the retirement pension.

All these "Bancas" - lottery agencies are subject to so-called consortia of the state, which deducts high taxes and these taxes in turn used for state pension provision. Actually a successful cycle.

A colorful collection point in Santo Domingo

But as mentioned in the beginning, there are over 70'000 of these "Bancas" illegally established and operated. Very often these are found in the more rural regions. And clearly there is not paid any tax on the sums for the state. These funds are probably cashed but not forwarded and the state thus actively deceived.
The bancas are run by different consortia. Comparable with a federation or association. There are hundreds of them; for schools, workers' unions, industry, police and even churches.
Most are legally acquired with a license and approval from the state. Imagine this as the lottery law in Germany or Switzerland.

Here is a typical picture with many people in front of a "Banca". They are pretty popular here:

Very often these are integrated in the Colamdos (Mom' n Pop shops). In addition to the lottery, you can also buy phone cards / chips or charge his credit for the mobile phone (so-called Recargas).

... and from time to time they are also abused for sleeping.

Really strange these Dominicans!

See you next time!

Hasta luego.
mikeCee aka Captain Mike Sparrow the steemian of the caribbean


#dominicanrepublic #dominicanlifestyle #followmikeCee #success #santodomingo #liveyourdream #expat #banci #banca #lotteria #shame

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