So the government wants to control the price of the dollar, with the goal of bringing it down to 30 to 1. Well, this was tried in Argentina and failed miserably, leading to the more drastic action of confiscating dollars and when that did not work, then the so called corralito. The reason this is bound to fail is that this will tamper with the forces of supply and demand. The only way this could possibly work is by the Central Bank using its supply of dollars to prop the peso. Mark my words, this will produce temporary results with catastrophic long-term consequences. Get your dollars out while you can!
- Thread starter DCfred
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Get your dollars out of the country while you can....
Depends...
It all depends on the type of dollars one has. Specifically, the source of the dollars is the determining factor.
If you can produce pay stubs or bank statements, no one can legitimately stop you taking out any amount of dollars you choose. The government has no right to even question amounts under US$10,000.
If the dollars are from less legitmate activity, that's another kettle of fish but history shows it's easy enough to establish a personal "export tax" in the range of 10 to 15 cents on the dollar.
By the way, did anyone notice the German arrested at the airport last week with more than US$700,000 in dollars and euros hidden in his luggage?
It all depends on the type of dollars one has. Specifically, the source of the dollars is the determining factor.
If you can produce pay stubs or bank statements, no one can legitimately stop you taking out any amount of dollars you choose. The government has no right to even question amounts under US$10,000.
If the dollars are from less legitmate activity, that's another kettle of fish but history shows it's easy enough to establish a personal "export tax" in the range of 10 to 15 cents on the dollar.
By the way, did anyone notice the German arrested at the airport last week with more than US$700,000 in dollars and euros hidden in his luggage?
If and when the rate drops to 30:1....back up the truck with DR$ and buy all teh US$ you can get your hands on..if you can find any.
also....for those businesses that were starting to price merchandise in US$....I wonder what they will do now....will you raise your US$ denominated prices?....or will you go back to pricing in DR$?...or will you keep your word and price your goods in constant US$? (I doubt it).
also....for those businesses that were starting to price merchandise in US$....I wonder what they will do now....will you raise your US$ denominated prices?....or will you go back to pricing in DR$?...or will you keep your word and price your goods in constant US$? (I doubt it).
Businesses: see my comments about retail sector speculation
As I mentioned, exchange house speculators were castigated by the government yesterday yet modern day robber barons of the Lama and Hache ilk get to go on profiting from the misery of the $4,000 peso/month proles who sacrifice to come up with "iniciales" and usurious payments against inflated prices.
Disclaimer: The opinions expressed in this post are those of the poster only, DR1 neither endorses nor has responsibility for them.
As I mentioned, exchange house speculators were castigated by the government yesterday yet modern day robber barons of the Lama and Hache ilk get to go on profiting from the misery of the $4,000 peso/month proles who sacrifice to come up with "iniciales" and usurious payments against inflated prices.
Disclaimer: The opinions expressed in this post are those of the poster only, DR1 neither endorses nor has responsibility for them.
Result of Hippo's Actions:
1. You will all begin changing dollars in seedy backrooms or on the street. The maffia controls.
2. The backroom money changers will have to pay the generals to not look. The maffia controls.
3. The generals will then pay Hippo to keep their jobs and will support his reelection campaign to keep the scam going. The maffia controls.
4. The whole scheme falls apart after a few weeks or months and the Peso flies like a sling shot to 50:1 ++.
5. Hippo announces his invasion of the Falkland Islands (by yola).
1. You will all begin changing dollars in seedy backrooms or on the street. The maffia controls.
2. The backroom money changers will have to pay the generals to not look. The maffia controls.
3. The generals will then pay Hippo to keep their jobs and will support his reelection campaign to keep the scam going. The maffia controls.
4. The whole scheme falls apart after a few weeks or months and the Peso flies like a sling shot to 50:1 ++.
5. Hippo announces his invasion of the Falkland Islands (by yola).
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That meeting yesterday has a lot of people very nervious
Can you imagine? There was Hippo backed by:
1) The head of Customs
2) the head of the Internal Revenue
3) the head of the Central Bank
4) the head of the Finance Ministry
PLUS
5) the head of the Armed Forces
6) the head of the local CIA/FBI/NSA
7)the head of the Police
8)the general most known as a hard a$$: Candelier!
Talk about having folks by the short hairs!! Then he said:
"Folks I just need to get the dollar down to 30:1, can you help?"
GULP GULP....ahhh Well yessir, in fact we at the Banco Popular have already lowered our dollars to 40:1
It must have been impressive!!
HB
Can you imagine? There was Hippo backed by:
1) The head of Customs
2) the head of the Internal Revenue
3) the head of the Central Bank
4) the head of the Finance Ministry
PLUS
5) the head of the Armed Forces
6) the head of the local CIA/FBI/NSA
7)the head of the Police
8)the general most known as a hard a$$: Candelier!
Talk about having folks by the short hairs!! Then he said:
"Folks I just need to get the dollar down to 30:1, can you help?"
GULP GULP....ahhh Well yessir, in fact we at the Banco Popular have already lowered our dollars to 40:1
It must have been impressive!!
HB
ATMs
How will this affect taking cahs out of ATMs? Who established that rate? THe dominican bank whose ATM you use or your US bank you are withdrawing funds from?
Oanda had 42.5 as a rate for today. Maybe I'll change some money stateside before heading down?
How will this affect taking cahs out of ATMs? Who established that rate? THe dominican bank whose ATM you use or your US bank you are withdrawing funds from?
Oanda had 42.5 as a rate for today. Maybe I'll change some money stateside before heading down?
Banco Popular
I'm somewhat concerned that Banco Popular will so readily accept to sell their USD at a lower price than they paid to acquire them. Thet must be losing millions...This is supposed to be the most stable private bank in the DR. If it goes the way of Baninter then forget about it...
I'm somewhat concerned that Banco Popular will so readily accept to sell their USD at a lower price than they paid to acquire them. Thet must be losing millions...This is supposed to be the most stable private bank in the DR. If it goes the way of Baninter then forget about it...