Dominican peso

JANET/NJ

New member
Jun 21, 2004
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So im hearing that dominican currency will be changing and that anyone that has "pesos" will end up having nothing. Ive been advised to change any pesos i have into dollars.--- i dont have much, but i usually keep my dominican vacation spending money in pesos. Should i be worried? what is this all about? Seems its been in the news here in the states:disappoin.
 

windeguy

Platinum
Jul 10, 2004
42,211
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So im hearing that dominican currency will be changing and that anyone that has "pesos" will end up having nothing. Ive been advised to change any pesos i have into dollars.--- i dont have much, but i usually keep my dominican vacation spending money in pesos. Should i be worried? what is this all about? Seems its been in the news here in the states:disappoin.

Where has it been in the news in the US?
 

Ken

Platinum
Jan 1, 2002
13,884
495
83
So im hearing that dominican currency will be changing and that anyone that has "pesos" will end up having nothing. Ive been advised to change any pesos i have into dollars.--- i dont have much, but i usually keep my dominican vacation spending money in pesos. Should i be worried? what is this all about? Seems its been in the news here in the states:disappoin.

Since they won't be worth anything to you, I'll do you a favor and take them off your hands. I'll PM my mailing address. Tell me how much is the postage and I'll reimburse you immediately. Do you have a PayPal account I can put the reimbursement in?
 

belgiank

Silver
Jun 13, 2009
3,251
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Does this mean that, if I have a rental contract in pesos, and the peso disappears, I will have to pay nothing???? :laugh:
 

Hillbilly

Moderator
Jan 1, 2002
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I think the OP is worrying about the recent spat of peso devaluation, going over the RD$39.00 line for the first time since 2005, I think.

Anyway, the monetary "authorities" had the DR Central Bank dump some dollars on the exchange market and it brought the price down to just below RD$39.00...

However, if you have pesos, leave them alone, nothing is going to happen to them really fast. If you have dollars, all good. Now, if you have Lots and Lots of pesos, go change them to dollars, Euros or whatever...and hold tight...but it's all a gamble now.

HB
 

Ken

Platinum
Jan 1, 2002
13,884
495
83
I think the OP is worrying about the recent spat of peso devaluation, going over the RD$39.00 line for the first time since 2005, I think.

Anyway, the monetary "authorities" had the DR Central Bank dump some dollars on the exchange market and it brought the price down to just below RD$39.00...

However, if you have pesos, leave them alone, nothing is going to happen to them really fast. If you have dollars, all good. Now, if you have Lots and Lots of pesos, go change them to dollars, Euros or whatever...and hold tight...but it's all a gamble now.

For sure nothing is going to change much during the next few months. The government is not going to permit a devaluation before the election in May.

Why anyone would want to hold a lot of money in pesos, ever, is something I can't fathom. This is why many expats keep their money in an account in a bank in their home country and write personal checks which they cash at a friendly casa de cambio.

JANET/NJ, when is your next vacation trip? If it is in the next 6 months or so, you are not likely to see much change.

But in the future, keep your vacation money in dollars and change them when you get here. You almost always do better doing that than holding pesos for a year until your next vacation.
 

ExtremeR

Silver
Mar 22, 2006
3,078
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Oh crap, I think I left RD$300.00 saved in the DR when I left, I think I need to call the folks down there and urge them to convert my "investment money" into dollars ASAP!!
 

ExtremeR

Silver
Mar 22, 2006
3,078
328
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Only hold pesos for short term use.

If you can get a good rate on a CD I don't think that quote above should be necessarily true with this CB administration. If the CB changes hands for all means convert everything you own to dollars, even the dog!
 

nas

Bronze
Jul 1, 2009
559
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i'm not sure what type of transportation FYING is but if you mean FLYING, i cant understand why you would pay hundreds of dollars for an airplane ticket to close an account of 1000.00 pesos which is worth US 25.64. maybe you know something no one else does.

Some folks simply do not get it.:chinese:
 

nas

Bronze
Jul 1, 2009
559
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For sure nothing is going to change much during the next few months. The government is not going to permit a devaluation before the election in May.

Why anyone would want to hold a lot of money in pesos, ever, is something I can't fathom. This is why many expats keep their money in an account in a bank in their home country and write personal checks which they cash at a friendly casa de cambio.

JANET/NJ, when is your next vacation trip? If it is in the next 6 months or so, you are not likely to see much change.

But in the future, keep your vacation money in dollars and change them when you get here. You almost always do better doing that than holding pesos for a year until your next vacation.

I lot of Dominicans hold CDs with several millions of pesos to leave off the interest. This is when there is no other souce of income.
 

nas

Bronze
Jul 1, 2009
559
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Spelling correction: I lot of Dominicans hold CDs with several millions of pesos to live off the interest. This is when there is no other souce of income....


I blame it on ESL .. :)
 

Viajero

Bronze
Dec 16, 2011
1,593
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So im hearing that dominican currency will be changing and that anyone that has "pesos" will end up having nothing. Ive been advised to change any pesos i have into dollars.--- i dont have much, but i usually keep my dominican vacation spending money in pesos. Should i be worried? what is this all about? Seems its been in the news here in the states:disappoin.
Can you share the source of this information?
 

Olly

Bronze
Mar 12, 2007
1,914
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There has been a lot of discussion about the Dominican Peso but here is a graph of it versa US$ over the last five years. It has lost about 7 % per year against the US$. USDDOP=X Basic Chart | USD/DOP Stock - Yahoo! UK & Ireland Finance

It usually declines September to December then stabilises during the tourist month. What the election will do is something else. Looking back 8 years or so you will find wild swings. Maybe it will be that way this time. It just depends who gets in.

OLLY and the Team
 

nas

Bronze
Jul 1, 2009
559
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It isn't totally irrational to think that the DR peso will go as high as it was when Hipolito was in power.
If one pays attention to the market trends, all support and resistance levels are tested repeatedly.
 

Fernandez

Bronze
Jan 4, 2002
572
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The Dr Peso tends to weaken when dollar demand increases as with most traded currency. The monts of strong dollar committments, such as the Christmas and Holiday seasons are high dollar demand periods. Also, with import invoices clearing months in advance, Sept-Dec would be strong dollar demand months. For most, invoicing in dollars and spending locally in pesos creates an attractive currency arbitrage that provides increased earnings.. hence, a peso devaluation benefits in one aspect. However, I would tend to favor the thinking that there is stress on the currency, and that an eventual correction in the dollar parity will be required- most likely through an increase daily deval rate. Having lived through the last devaluation, I don't think that the country is prepared for another one time hit.
 

expatsooner

Bronze
Aug 7, 2004
712
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If you are holding pesos left over from vacation and plan to return for a vacation soon don't worry about the exchange rate - you should worry about how the buying power of the pesos that are left will be impacted by inflation.
 

JANET/NJ

New member
Jun 21, 2004
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my mom said she heard it in the news here.....but i dont know what news cast.. i dont watch spanish tv so i have no clue-----
 

JANET/NJ

New member
Jun 21, 2004
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JA.!JA.! JA.!--lol-- Thanks a lot guys for making fun of me......but you know how it is, someone says something and it spreads like a wild fire.......my mom called me hysterically to tell me to go and change my money....lol......

for those of you who didnt make fun of me :) thank you for the advice, this will be the last lump sum i keep in pesos.....i usually just do it because i hate the whole trip to the casa de cambio where you can get mugged coming out of it and what not.....so i just always get to the country with pesos in hand.