Dominican banks agree with the Gov.: dollar not scarce

Santo Domingo.- Dominican Banks Association presidentJose Manuel Lopez Valdez on Sunday agreed with Central banker Hector ValdezAlbizu’s statements that the flow of hard currency into the country is expectedto climb.

He said the start of tourism’s high season alsoincreases the entry of foreign exchange, the same with pending disbursements frommultilateral organizations, "which will soon take effect, and will increasethe availability of dollars."

Lopez also noted that remittances fromDominicans abroad increase as the holiday season approaches. "Foreignexchange flows will improve to the extent that the characteristics of thedemands of the seasonal year-end imports are covered."

Moreover the banking leader said banks sold US$18.15billion to customers during the first eight months, or US$828.8 million morethan the same period last year. "This is one of the largest volumes of currencysales in recent years on the market."

He stressed that banks continue their wide availabilityof credit lines in dollars to support retail activities.