Exchange rate before election

Jumbo

Bronze
Jul 8, 2005
1,503
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Seems the rate has been creeping towards 40 to 1USD as the election closes in. If Hippo is elected do you see a chance of it going over 50 again. If so will the menus in the tourist areas be changed to dollars from pesos again. Even at the airport it is cheaper to pay in pesos at the STI food court. And are the Sosua putas quoting rates in dollars again. Gonna be an interesting 4 months.
 

Criss Colon

Platinum
Jan 2, 2002
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Looks like,barring any "Stumbles" by the PLD,"hippolito" won't win.
But the peso will continue it's drop vs the US Dollar in 2012.
"GOOD",I got a few "Bucks"!
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Eddy

Silver
Jan 1, 2002
3,668
219
0
Leonel has been keeping the peso from falling during his whole term. At what cost? Just look at the depts the DR has. He can't perform miracles so it's been sliding a little more every month. He's probably hoping Hippo wins to justify it's dropping to 50:1 where it should have been from day one.
 

belmont

Bronze
Oct 9, 2009
1,536
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If the past is any indication, the last time Hippo took office the peso went from approx 28 to over 50 in a few months. If he repeats this feat than the peso should go from near 40 to 70. Buckle up your seatbelts.
 

Criss Colon

Platinum
Jan 2, 2002
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I would LOVE that!
At 56 to 1,I did a lot of improvements to my home.
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windeguy

Platinum
Jul 10, 2004
42,211
5,967
113
Where is Pichardo when the pesos need him? Their true value is 28 to 1.:dead:

We will see that immediately after Hippo releases all controls.
 

Eddy

Silver
Jan 1, 2002
3,668
219
0
If the past is any indication, the last time Hippo took office the peso went from approx 28 to over 50 in a few months. If he repeats this feat than the peso should go from near 40 to 70. Buckle up your seatbelts.
Don't worry with all the cash "borrowed or otherwise acquired" that they will be putting out in the 3 months prior to the elections, it seems that the PLD will be the winners. Not sure about the futur of the peso.
 

southwardbound2

New member
Jun 5, 2008
472
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Official exchange rate yesterday at Yahoo Finance was 38.725! I thought street money changers gave better rates than official ones?? Yahoo says "Please note: The exchange rates given are 'bank rates'. High street rates may be subject to commission", so is that the deal? Interestingly, the rate according to Yahoo Finance on Thursday was only 38.5803......is that a large jump in only one day? I don't follow this regularly, just when I need to change some cash. And only saw the official rate on a site by accident when I was searching for a specific restaurant review. And it said it was 38.87! (Dominican Republic Live ! - News, Videos and Informations from Dominican Republic, town by town.) That's when I checked Yahoo Finance.
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
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NYTimes is quoting it at 38.5 all week.

Sometimes the BUY and SELL get crossed.

Anyway, for those not reliant on pesos for income, the trend towards 50 is nice to see.
 

southwardbound2

New member
Jun 5, 2008
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NYTimes is quoting it at 38.5 all week.

Sometimes the BUY and SELL get crossed.

Anyway, for those not reliant on pesos for income, the trend towards 50 is nice to see.

NYTimes quote just now is:
1.00 USD = 38.65 DOP

Understand the buy/sell. The sell on that site was 38.93 and the buy was the lower number (that I posted) 38.87. I do not know the source of Dominican-republic-live however. It is obviously not the NYT or Yahoo Finance, which are higher. I wonder if it's street prices? But both of these latest "official rates" have jumped a bit on Friday. And street prices being reported on DR1 appear to be trending up as well. Latest posted was 38.65 this morning or yesterday.

But please someone tell me if I was misinformed about street prices being higher than banks. And I am assuming here that the banks use some kind of "official rate", but that may be incorrect too.....so people who know, please enlighten me. Thanks!
 

southwardbound2

New member
Jun 5, 2008
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NYTimes quote just now is:
1.00 USD = 38.65 DOP

Understand the buy/sell. The sell on that site was 38.93 and the buy was the lower number (that I posted) 38.87. I do not know the source of Dominican-republic-live however. It is obviously not the NYT or Yahoo Finance, which are higher. I wonder if it's street prices? But both of these latest "official rates" have jumped a bit on Friday. And street prices being reported on DR1 appear to be trending up as well. Latest posted was 38.65 this morning or yesterday.

But please someone tell me if I was misinformed about street prices being higher than banks. And I am assuming here that the banks use some kind of "official rate", but that may be incorrect too.....so people who know, please enlighten me. Thanks!

SORRY! I meant the NYTimes/Yahoo Finance are LOWER in absolute numbers.

But WW is quite correct, the "higher or lower" of it depends on one's perspective, depending on whether one holds USD or DOP, doesn't it? I am assuming most readers are based in USD.
 

AlterEgo

Administrator
Staff member
Jan 9, 2009
23,099
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South Coast
It's been my understanding that the rate usually drops during the Christmas/NewYear's holidays, because so many Dominicans & tourists fly there, waving dollar bills in their hands.

So, if it hasn't dropped with the extra dollar influx, I'll be curious to see what it is when we get there in February.....
 

william webster

Platinum
Jan 16, 2009
30,247
4,329
113
Exchange rates are one of those things that cannot be controlled, so I don't worry about it much.

Like going to the cinema - just sit back and watch and be happy if the ball bounces your way.
 

Kipling333

Bronze
Jan 12, 2010
2,528
829
113
the exchange rate has been holding on very steadily for several years and the world bank and the IMf have both stated that it is at about the correct level...but the rate depends on confidence in a country and the leadership..and if Hippo wins and the black market starts to give more than 40 pesos for the dollar ,,I cannot see how the central bank could hold back ...and I see the rate dramatically changing to the 45 to 50 mark ...making the DR a haven for tourists but next to impossible for Dominicans to buy imports
 

Criss Colon

Platinum
Jan 2, 2002
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If you change "Green Backs" right now,at a "Money Changer",you should get 38.5,or even a little more.Banks give much less.
If you change,"On The Street",not for the average person to do,you can get 40 to 1, or better.
I know a guy who changes money next to the American Consulate in SD.He charges the Dominicans who need US dollars for "Papers",about 43 pesos for a dollar.He NEEDS dollars,soooooooooooooooooooooo he pays well for them!
First time I changed money with him,I took two "policia National" with me,and made the guy get in the back of my van,so I could count the money before he got out!
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southwardbound2

New member
Jun 5, 2008
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If you change "Green Backs" right now,at a "Money Changer",you should get 38.5,or even a little more.Banks give much less.
If you change,"On The Street",not for the average person to do,you can get 40 to 1, or better.
I know a guy who changes money next to the American Consulate in SD.He charges the Dominicans who need US dollars for "Papers",about 43 pesos for a dollar.He NEEDS dollars,soooooooooooooooooooooo he pays well for them!
First time I changed money with him,I took two "policia National" with me,and made the guy get in the back of my van,so I could count the money before he got out!
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OK, I understand the guy with the visa business paying a premium.

But I am trying to figure out how either guy's "on the street" (assume you mean similar to the guys that will come to your car in Sosua as you drive around town?) or the money changers (assume you mean the little facilities all over the place, many with no signage?) make money by paying more than the "official rate". It obviously does or they wouldn't have a viable business plan, but I just am not seeing the mechanism.....want to understand what's really going on. Anyone know?
 
Jan 9, 2004
10,898
2,226
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OK, I understand the guy with the visa business paying a premium.

But I am trying to figure out how either guy's "on the street" (assume you mean similar to the guys that will come to your car in Sosua as you drive around town?) or the money changers (assume you mean the little facilities all over the place, many with no signage?) make money by paying more than the "official rate". It obviously does or they wouldn't have a viable business plan, but I just am not seeing the mechanism.....want to understand what's really going on. Anyone know?


They have business people, some that are legitimate, who will pay a premium rate for Dollars/Euros, who for one reason or the other do not wish to deal with "official rates."

U.S. agents arrest Dominicans, seize cash, weapon on boat near Puerto Rico

PRESS RELEASE

AGUADILLA, Puerto Rico – Caribbean Border Interagency Group (CBIG) federal law enforcement authorities along seized $190,000, a 5.56mm semi-automatic weapon, and approximately 300 rounds of ammunition a from inside a single engine yola type vessel, north west of Puerto Rico Wednesday night.

At midnight, Wednesday a U.S. Customs and Border Protection (CBP) Maritime Patrol Aircraft detected a vessel approximately 60 nautical miles northwest of Puerto Rico. The vessel had no visible registration, flag or markings.

CBP personnel coordinated with watch-standers at Coast Guard Sector San Juan to intercept the vessel at sea. An HC-144 Ocean Sentry fixed-wing aircraft crew from Coast Guard Air Station Miami and Coast Guard Cutter Cushing were diverted to interdict the vessel.

Cutter Cushing boarding team members located approximately $190,000, the weapon, and approximately 300 rounds of ammunition.

The five individuals on board the vessel claimed to be citizens of the Dominican Republic.

Cushing crewmembers team took custody of the five suspects aboard the vessel, currency, and weapon and transported them to U.S. Immigration and Customs Enforcement (ICE) Homeland Security Investigations at Arecibo for further investigation Thursday at the Mayaguez Sea Port, Puerto Rico.

Respectfully,
Playacaribe2
 

Criss Colon

Platinum
Jan 2, 2002
21,843
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Can you say,"Money Laundering"????????????????????????
A "Friend" of mine, a Dominican who lives here,and has a successful legit business,travels to NYC on business often.
He was "offered" half of six million US dollars,if he would just "Launder" the money through his bank accounts,to move the money to the DR.
He "respectfull" declined.
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"Colmados" in Boston/Lynn/Lawrence Mass. will give you 40 to 1 all day long!