Dollars into pesos

kathyg

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Jul 18, 2004
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Is it better to exchange dollars into dominican pesos to pay for some things?

Kathy
 

NALs

Economist by Profession
Jan 20, 2003
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Depends on the thing.

Just, whatever you do, don't convert all of your dollars to pesos, at least not yet.

BTW, exchange rate reached 40 to 1 today, that's the lowest it has dropped to since it peaked at 54 under Mejia. So, things are getting better bit by bit in some respects. Also, there is ton of foreign hard cash beginning to sip into the system by pro-Leonel companies and powerful individuals, so expect the exchange rate to continue dropping.
 

LaPinea

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Mar 18, 2004
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So, why not convert as many dollars into pesos now? I am inclined to send some with my mom now that they rate is still good.

What is your suggestion for the reversal money situation now?
 

Texas Bill

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Feb 11, 2003
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Think about it this way---

As Lionel's Administration gets into serious work, the peso will appreciate against the dollar due to restored confidence in the economy and the government.

If the Electrcity implosion is even partially corrected, that is, if we strt having power in the neighborhood of 12-18 hours per day, and the government payroll is seen as deflating, the internal interest rates falling off to a reasonable level, and a myriad of other favorable economic indicators, one might expect the peso to recover to 'around' 30-35 to 1 by the year's end. Don't forget, the government still must come up with the dollars to pay off the massive indebtedness left by the Mejia Administration, and that is the real challange.

I'd say, get your pesos now while the rate is still up.

It ain't going to get better from the dollar standpoint. In other words, i don't think we will return to the neighborhood of previous highs.
Texas Bill
 

BushBaby

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Jan 1, 2002
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I heard on today's news that various businesses had done the same thing as ourselves (although we on a MUCH smaller scale) & that is we retained taxes due until the new administration was in place!! This means that there is quite a bit of "EXTRA" money being made available to THIS administration because the previous one was totally unscupulous & would have fritted it away into their own pockets!! Talk about Dominicans beginning to be "Responsible"??? Good for them for thinking in a FORWARD direction!!

I am with TB on this one - change enough to last you for the next two months at least. Although it is bad for US (gringos/gringas with U$D or ? sterling incomes) I am DELIGHTED to see the confidence coming back to the country AND in seeing the exchange rate improving!! Bodes well for the future of this Government IF the austerity sanctions can be put into place too!! - Grahame.
 

donniepop00

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Aug 19, 2004
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dollars in to pesos... the answer is yes

kathyg said:
Is it better to exchange dollars into dominican pesos to pay for some things?

Kathy
hi been here for 15 years in puerto plata... know some things.... yes its better to change the dollars to pesos, if you dont when you go to buy some thing the vendor will exchangeat a lower rate. you need to go to places that exchange money., their are many in puerto plata. stay away from the banks also they will give you a much lower rate. most places have the days exchange rate posted in thier shops and are honest. western union whch has 3 places in the puerto plata area give a good rate each day as does the ups office near the supermarket.

don