Close Gallery
Iavn Garcia. File.
Zoom Picture

Santo Domingo.- The Central Bank needs to continue its policy of intervening in the exchange market daily to stop the speculation against the Dominican currency by some moneychangers, who’ve brought certain unease to the retail sector and in turn, the population.

The statement by the Dominican Retailers Federation (FDC) notes that there’re no logic reasons for the peso to climb above RD$38.50 per dollar thus far, and that the Central Bank has reiterated that all macroeconomic parameters are totally under control. “We support the Central Bank’s initiative to intervene the currency market, because since last week it was being speculated that the exchange rate would reach 40 pesos per dollar.”

FDC president Ivan Garcia announced that in a meeting between retailers with the Central Bank executives and Central banker Héctor Valdéz Albizu, the price stability of staple products was guaranteed throughout 2012.

Share / Recommend this article: FacebookFacebook Digg thisDigg this del.icio.usdel.icio.us TechnoratiTechnorati YahooYahoo Facebook
COMMENTS
8 comment(s)
Written by: foresthill, 20 Jan 2012 8:41 AM
From: Dominican Republic
Sure you want the peso stable. Isn't that everyones wish, however the truth of the matter intervening is expensive and somebody will pay for that intervention.

Devaluating is also a good thing. It allows exports to be sold cheaper and tourism will have more dollars to spend.

Down side the DR is very dependent on imprts sop the price of materials will go up. This however will not affect the duty free zones.
Written by: RobertoJose, 20 Jan 2012 9:16 AM
From: United States, FREEPORT, Long Island.... ((You're blind to the fact that you're blind))
We wouldn't have these problems if the DR peso was backed by the gold and other precious metals being swindled by the collaboration of PLD / (450)Foreign mining co.
Written by: RoyStone, 20 Jan 2012 10:54 AM
From: Australia
Mortgaging the future - it's a Dominican tradition.
Written by: WalterPolo, 20 Jan 2012 12:42 PM
From: Dominican Republic, Puerto Plata
The peso has been artificially kept at un unjustified high.

When Leo was elected, it went from almost 60 to 27 by magic.

It should actually have traded at 40 for a long time.
Written by: RobertoJose, 20 Jan 2012 12:55 PM
From: United States, FREEPORT, Long Island.... ((You're blind to the fact that you're blind))
Polo,
and if someone would check the PLD's accounts collectively around that point in time you would notice a trend, its almost a form of money laundering......buy high sell low and wahlah, now you can spend that mattress monies and show for it as withdrawals and stash the legitimate cash for a rainy day.........
Written by: WalterPolo, 20 Jan 2012 1:42 PM
From: Dominican Republic, Puerto Plata
Fortunes were made overnight, yes..
Written by: aplantanao, 20 Jan 2012 3:57 PM
From: Dominican Republic
whatever happened to letting the dolars exchange rate reflect wht ts doing in the world markets which is strenghthening compared to the euro and pound? oh well the value of your remesas will suffer as well
Written by: Mikey, 23 Jan 2012 9:01 PM
From: Dominican Republic
The bank of japan with it's huge resources cannot control it's currency. the swiss are in the same boat. the central bank should stand aside and allow market forces to determine the value of the peso as it truely is a huge cost to the economy.
Post Your Comment | Not a member? Create your account | Lost your password?
Write your opinion here. Please keep your comment relevant to this article. Please note that any comments which contain offensive language or discriminatory expressions may be edited/removed.
You must log in to post a comment:
Username Password