- Thread starter playacaribe2
- Start date
USD/DOP
Maybe it depends on where you are. I can say with 100% certainty that BC rates have been .05 to .1 pesos above every cambio in Cabarete and Sosua that I've seen - the same in reference to CaribeExpress. Very occasionally they are at par and on very rare occasions I have got maybe .05-.10 pesos more than at BC.
I have seen some posts where people were occasionally getting .1 pesos more at one specific cambio in Santiago than at BC.
Your post on 4/27 said you got 49.3 in Santiago. This was the exact same rate BC was offering on that date.
The majority of cambios are a rip-off!
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I suggested a major bank with a website, so that it is verifiable with a Printscreen, or by simply logging on to the website, vs possibly having an endless debate as to the legitimacy of someone claiming a 50:1 rate, since so many people have found differences between towns, banks, locations, bona fide exchange services etc.
Not that anyone would EVER disagree on DR1 . . . . . lol
On that we can agree.
When the rate actually hits 50:1 whether at BanReservas or a casa de cambio, it will be a major
news story. The only question is who will be the first to offer a real exchangeable rate.....not just a published rate.
My guess is that they try to hold it under the 50:1 psychological level through the end 2018....thus 1/2/19.
Good luck to all.
Respectfully,
Playacaribe2
Well, if Banco Central raises rates in lock-step with the U.S., that would negate some of the effects of a strengthening dollar.
Yes it would..........but so far they have not. The rate has been at 5.25% even as the US has raised rates several times.
What is happening however is a whiff of increased inflation in the air............which likely add to the decline of the peso vis a vis the Dollar/Euro etc.
Respectfully,
Playacaribe2
There is an inflation storm brewing for the Dominican Republic;
https://dominicantoday.com/dr/econo...ches-us1-3b-10-year-bond-amid-concern-report/
In spite of the warnings from many, including the IMF, Maduro continues to forge ahead with new debt.
And without better future growth in the economy, the peso will start to devalue at a quicker pace.
Respectfully,
Playacaribe2
https://dominicantoday.com/dr/econo...ches-us1-3b-10-year-bond-amid-concern-report/
In spite of the warnings from many, including the IMF, Maduro continues to forge ahead with new debt.
And without better future growth in the economy, the peso will start to devalue at a quicker pace.
Respectfully,
Playacaribe2
Emerging market currencies around the globe, including the DR, have been feeling the inflationary effects of interest rate hikes in the US.
The Banco Central in an attempt to head off a sharp devaluation of the peso has increased its monetary policy rate by .25%.....from 5.25% to 5.5%;
https://www.bancentral.gov.do/a/d/4029-bcrd-incrementa-su-tasa-de-politica-monetaria-a-550--anual
The effect of that will be higher borrowing rates in the DR for consumers, but a slowing of the devaluation of the peso against the dollar.
Respectfully,
Playacaribe2
The Banco Central in an attempt to head off a sharp devaluation of the peso has increased its monetary policy rate by .25%.....from 5.25% to 5.5%;
https://www.bancentral.gov.do/a/d/4029-bcrd-incrementa-su-tasa-de-politica-monetaria-a-550--anual
The effect of that will be higher borrowing rates in the DR for consumers, but a slowing of the devaluation of the peso against the dollar.
Respectfully,
Playacaribe2
In light of the recall of the US ambassador and another US interest rate hike in September, you can expect to exchange USD at 50:1.....soon.
Those two events are causing concerns for merchants who are trying to buy dollars in anticipation by them of a bump to 50:1
Respectfully,
Playacaribe2
Those two events are causing concerns for merchants who are trying to buy dollars in anticipation by them of a bump to 50:1
Respectfully,
Playacaribe2
50
You may not get it quite yet at the cambios but it's already over 50.https://www.xe.com/currencyconverter/convert/?Amount=1&From=USD&To=DOP
You may not get it quite yet at the cambios but it's already over 50.https://www.xe.com/currencyconverter/convert/?Amount=1&From=USD&To=DOP
The cambio rate could be unusually active this week. My clients currently need to reverse exchange large amounts of pesos for dollars and are again having difficulty sourcing those dollars.
Respectfully,
Playacaribe2
If only you could actually exchange at that rate;
https://gdc.bancentral.gov.do/Common/public/estadisticas/mercado-cambiario//documents//tasaus_mc.pdf
The US is expected to raise interest rates next week. Without a corresponding rise in interest rates in the DR, the peso exchange rate for dollars will likely rise to 49.8-49.9.
Respectfully,
Playacaribe2
https://gdc.bancentral.gov.do/Common/public/estadisticas/mercado-cambiario//documents//tasaus_mc.pdf
The US is expected to raise interest rates next week. Without a corresponding rise in interest rates in the DR, the peso exchange rate for dollars will likely rise to 49.8-49.9.
Respectfully,
Playacaribe2
Funny you mention this.
Our cambio has called the last two days asking if we needed any USD exchanged ay 49.75, and no premium for less than USD$1,000.