- Thread starter playacaribe2
- Start date
USD/DOP
Who knows, but the current situation with a home currency going down the drain month after month-year after year certainly is no good for many laborers...
For example, I was talking with a taxi driver a few months back-they are making almost the same income in pesos as back in year 2000 as fares have not changed significantly since that time. The devaluation has certainly reduced-diminished their income.
The entire game of fake central bank cartel credit and currency devaluation has taken a large toll on laborers and the underlying economy over two decades now.
The inflationary outcome-we have already witnessed through a large unsustainable worldwide credit bubble-now comes the deflationary unwind.
Waiting for PICARDO to chime in such tidbits like, "If the DR peso were left to float it would be at 28 to the USD". I am very surprised it has taken this long to get back to (almost) 50.
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Dominican Peso 2004-2018 | Data | Chart | Calendar | Forecast | News
The USDDOP traded at 49.9400 on Friday October 19. Historically, the Dominican Peso reached an all time high of 54.09 in January of 2004 and a record low of 25.50 in November of 2004.
https://tradingeconomics.com/dominican-republic/currency
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Dominican Peso 2004-2018 | Data | Chart | Calendar | Forecast | News
The USDDOP traded at 49.9400 on Friday October 19. Historically, the Dominican Peso reached an all time high of 54.09 in January of 2004 and a record low of 25.50 in November of 2004.
https://tradingeconomics.com/dominican-republic/currency
Is there any currency that is not "home grown"? Here is a discussion on such a topic:
https://www.forbes.com/sites/nathan...-kicked-the-fiat-currency-habit/#5884b4d1239e
FOREX rates and currency manipulations by governments are just another way to tax the people.
The USD may eventually give way to the renminbi as the dominant currency in the world. Time will tell and many will claim the sky has fallen.
https://www.forbes.com/sites/nathan...-kicked-the-fiat-currency-habit/#5884b4d1239e
FOREX rates and currency manipulations by governments are just another way to tax the people.
The USD may eventually give way to the renminbi as the dominant currency in the world. Time will tell and many will claim the sky has fallen.
Another related topic: Back when I arrived in 2003, people were talking of getting bank CD's in pesos that paid over 15%. Today they are much closer to that 4.9% rate than they are 15%.
I have not enough knowledge of this topic but I read that changing to the $ hasnt been a great succes for the average laborer in El Salvador.
Nor in many countries. The rising oil prices have been amplified by the rising dollar to the detriment to many economies.
Although I don't necessarily agree with the politics in Haiti, it's a classic example.
Money exchange place on Calle San Luis in Santiago. Two blocks Before Calle del Sol. Paid 49.95.... 50 will be here waaay Before the new year!
Based on the Banco Central communique........you should see 50:1 at the cambios/banks likely by the end of next week.
Respectfully,
Playacaribe2
A shortage of US Dollars is causing the devaluation of the peso. These isolated cambios that have higher exchange rates have business and commercial clients that are in need of dollars to purchase imported goods. Time is money and they don't have the time to scrounge around for dollars. These cambios offer the higher rate to get dollars and then sell them to the businesses for an even higher rate - say 50.1.
People buying pesos are happy, the businesses are happy, and the cambio is happy. The increased cost gets passed on to the consumer as inflation. Consumers? Not so happy.
People buying pesos are happy, the businesses are happy, and the cambio is happy. The increased cost gets passed on to the consumer as inflation. Consumers? Not so happy.
50:1 Tomorrow?
Based on today's Banco Central Communique, the peso could be 50:1 as early as tomorrow for those exchanging dollars at cambio's/banks;
https://gdc.bancentral.gov.do/Common/public/estadisticas/mercado-cambiario//documents//tasaus_mc.pdf
Respectfully,
Playacaribe2
Based on today's Banco Central Communique, the peso could be 50:1 as early as tomorrow for those exchanging dollars at cambio's/banks;
https://gdc.bancentral.gov.do/Common/public/estadisticas/mercado-cambiario//documents//tasaus_mc.pdf
Respectfully,
Playacaribe2
Gotta love the Banco Central. They have slow walked the buy rate of dollars for days now raising it by .01 pesos per day for several days in a row.
Unless they raise rates to strengthen the peso.............they are at the end of the line;
https://gdc.bancentral.gov.do/Common/public/estadisticas/mercado-cambiario//documents//tasaus_mc.pdf
Respectfully,
Playacaribe2
Unless they raise rates to strengthen the peso.............they are at the end of the line;
https://gdc.bancentral.gov.do/Common/public/estadisticas/mercado-cambiario//documents//tasaus_mc.pdf
Respectfully,
Playacaribe2
Almost 50 now at Caribe Express-Banco La Nacional-Both 49.95.
Just on a side note-seems like over the last 5 years since 2013, this constant devaluation from around 40 to 50 has really knocked out a lot of restaurants here in SD or at least reduced the quality of what they were-a lot of casualties. Only lower end fast food stuff is able to survive it appears and even prices there are starting to eliminate their customers.
Just on a side note-seems like over the last 5 years since 2013, this constant devaluation from around 40 to 50 has really knocked out a lot of restaurants here in SD or at least reduced the quality of what they were-a lot of casualties. Only lower end fast food stuff is able to survive it appears and even prices there are starting to eliminate their customers.