DR1 Daily News - Dominican Republic

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The governor of the Central Bank, Hector Valdez Albizu warned those in the Dominican Republic about putting all their savings in US$ currency. The long-time economic authority said that those who convert their savings in pesos at high rates will take a loss when the economy recovers.

The Central Bank announced remittances from abroad were up 17% in May. But the country has taken a big hit with the shutting down of its tourism industry, affecting the usual flow of hard currency. Nevertheless, consumer spending has declined considerably, compensating in a small measure for the decline in revenues.

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