This is going to be an interesting week in the currency exchange business. There is a 10 peso split being reported between euro buy and sell and the dollar is officially hovering around 44.50 - - we all know what that means for someone with a few hundred dollars and decent contacts...
- Thread starter arturo
- Start date
Whoa!! The peso is dropping like a rock!
terrible for us brits earning pesos.
the dollar is also dropping like a rock.
we are rapidly closing in on rd$100 to one pound sterling.
the dollar is also dropping like a rock.
we are rapidly closing in on rd$100 to one pound sterling.
Dominican Government to issue "Prachutes" !!!
With all pesos!
I call the place where I change money this morning at 8:30,its 3.5 to 1!
I go after lunch,and I get 45 to 1!!!! See,that is 1,500 more pesos on my $1000 US because I was hungry! I can't get the smile off my face!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!I hope "Hipolito" gets re-elected!!!!!!! CCCCCCCCCCCCCCCCCCC
With all pesos!
I call the place where I change money this morning at 8:30,its 3.5 to 1!
I go after lunch,and I get 45 to 1!!!! See,that is 1,500 more pesos on my $1000 US because I was hungry! I can't get the smile off my face!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!I hope "Hipolito" gets re-elected!!!!!!! CCCCCCCCCCCCCCCCCCC
I am sendingmy money to you to change, Big Guy!
I have been losing money this last week or two, big time. My bank cards, which have always been right at the high end of what's available went down to around 34.6:1 over the Holidays, whileproces continue to rise. Had to switch to cashing checks. But as of Friday I still only got 40:1 on checks here in Sosua. Still, that's better than 34.6:1. Hopefully the trend will continue. 44:1 sounds a WHOLE lot better!
Tom (aka XR)
I have been losing money this last week or two, big time. My bank cards, which have always been right at the high end of what's available went down to around 34.6:1 over the Holidays, whileproces continue to rise. Had to switch to cashing checks. But as of Friday I still only got 40:1 on checks here in Sosua. Still, that's better than 34.6:1. Hopefully the trend will continue. 44:1 sounds a WHOLE lot better!
Tom (aka XR)
Hmmm!
Otherwise I may have to set up a relationship with Vimenca directly. Do they require an introduction like the other little exchange places, Ken, or can a new customer walk in and cash a U.S. check there?
Tom (aka XR)
I have never really needed to cash checks, my bank cards always had very good rates. I pay a monthly mortgage payment via check to the company holding my house, so if I need extra cash via check I just write one to them and they take it to the little Canadian exchange house just up the street from Eddy's. They always had very good rates. Friday they paid Alba 40:1. Maybe it just went up a bit in a day or two?Ken said:
Otherwise I may have to set up a relationship with Vimenca directly. Do they require an introduction like the other little exchange places, Ken, or can a new customer walk in and cash a U.S. check there?
Tom (aka XR)
Tom, as far as I know Vimenca wants someone to vouch for you. Is there a local you are doing business with that has some knowledge of your financial practices?
Another possibility is Euro Bank. Scott should be able to tell you what is required there. Also Banco Santa Cruz.
Even if you have had good luck with your bank card, I recommend you establish a check cashing relationship with someone. With a situation as fluid as the present, checks may be your best bet.
Another possibility is Euro Bank. Scott should be able to tell you what is required there. Also Banco Santa Cruz.
Even if you have had good luck with your bank card, I recommend you establish a check cashing relationship with someone. With a situation as fluid as the present, checks may be your best bet.
I don't think it will hit 100 by may, since they need to keep it somewhat down before the elections. I think it will seesaw between high 50's and high 40's, from now until then. After may 16, then it is a whole different matter. Then I see it going up to it's real value which should be around 75. Also I have a feeling that Hippo is not going anywhere any time soon...Ley De Lemas anyone?
so if my hotel quoted me USD $50/night, for example, which at the time was DOP $1600, and then when we get there DOP $1600 is USD $40, what do I pay?
If I use my credit card, I would guess they charge in pesos, but would probably convert USD $50 to the new amount. I'm sure they already think of this and use the best conversion rate they can get.
If I use my credit card, I would guess they charge in pesos, but would probably convert USD $50 to the new amount. I'm sure they already think of this and use the best conversion rate they can get.
Predict $100 pesos per Dollar by May 16 or before Hippo leaves office.
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Yes, I have said this all along. The economic voodoo DR, Hippo, is running out of tricks to prop up the peso. Think of this: the government has bailed out Baninter depositors, mainly the lucky 80 who got 75% of the money, with money that is not there. At some point people the money will have to come from somewhere, thus more inflation. The country's credit rating is on the floor, at the same level as some of those crazy African countries. Swaziland has a higher rating than the DR, yikes!
The DR is a Robin Hood in reverse: Steal from the poor and give to the rich. When you prop up the lucky eighty by running such high inflation, you are in essence robbing from the poor and middle class. In Bolivia they have been rioting lately for much lesser problems -- have Dominicans been castrated into submission?
_________________________
Yes, I have said this all along. The economic voodoo DR, Hippo, is running out of tricks to prop up the peso. Think of this: the government has bailed out Baninter depositors, mainly the lucky 80 who got 75% of the money, with money that is not there. At some point people the money will have to come from somewhere, thus more inflation. The country's credit rating is on the floor, at the same level as some of those crazy African countries. Swaziland has a higher rating than the DR, yikes!
The DR is a Robin Hood in reverse: Steal from the poor and give to the rich. When you prop up the lucky eighty by running such high inflation, you are in essence robbing from the poor and middle class. In Bolivia they have been rioting lately for much lesser problems -- have Dominicans been castrated into submission?
ERICKXSON said:
I dont think we'll have to wait for next week to see that. The way things are going....
I think it'll sink a bit after the Ley de Lemas and the PRD convention pass but it wont go below 40 no more!!!
Anyone on estimates on how high or how much it'll drop in the next 30 days?
They Charge in Pesos
They have to chage in pesos, since they have peso merchant credit card accounts.
When you check out they take the US$ you owe, convert to pesos, e.g at 46 or 47 and then the credit card company will convert to US/CDN$ as the case may be in due course.
In the time of a falling peso it is a pretty good deal to pay at 46 and maybe get billed at 50. If you are risk adversepay in US$ cash instead.
TravelinJones said:
They have to chage in pesos, since they have peso merchant credit card accounts.
When you check out they take the US$ you owe, convert to pesos, e.g at 46 or 47 and then the credit card company will convert to US/CDN$ as the case may be in due course.
In the time of a falling peso it is a pretty good deal to pay at 46 and maybe get billed at 50. If you are risk adversepay in US$ cash instead.
Today at Vimenca in Cabarete we got 48:1 us dollars, exchanging $300!
50 is definitely on its way...or it could be already 50 in POP
50 is definitely on its way...or it could be already 50 in POP
remember the big currency meeting?
That heavily advertised meeting with military, business, and political heavyweights chaired by Hipolito during which el mandatario proclaimed a one peso per day drop in the dollar value until 30 pesos to the dollar would be reached looks like a classic banana republic tableau now. I bet one dollar, make that 80 pesos, you won't hear anyone in Hipolito's circle mentioning that meeting anytime soon!
That heavily advertised meeting with military, business, and political heavyweights chaired by Hipolito during which el mandatario proclaimed a one peso per day drop in the dollar value until 30 pesos to the dollar would be reached looks like a classic banana republic tableau now. I bet one dollar, make that 80 pesos, you won't hear anyone in Hipolito's circle mentioning that meeting anytime soon!
I think it'll start going down next week.
Alot of the devaluation has had to do with speculation generated by the threat of the Ley de Lemas and the PRD primary. The Ley de Lemas is not going to pass because Hipolito doesnt really want it to. He has played Milagros and Fello like a fiddle!!
He has organized his primaries for Sunday. Fello and Milagro and the other where lured away from Hatueys Primaries by Hipolito thus discualifying that event and nulling out the convention. In the most idiotic political maneuver I've seen, Milagro and Fello decided not to participate in that convention and wait for another one organized by the PPH. When they realized they where set up they invented the Ley de Lemas deal and Hipolito's ambiguity led everyone to believe it could pass. In the meanwhile, the baldster organized his convention for sunday, hes not pulling back from that. and he'll win. End of story and end of uncertainties. Everyone knew he and Leonel where going to be the candidates facing off on may 16.
Next week, it'll start deflating although it wont go below 40x1 ever never ever never ever again!
Alot of the devaluation has had to do with speculation generated by the threat of the Ley de Lemas and the PRD primary. The Ley de Lemas is not going to pass because Hipolito doesnt really want it to. He has played Milagros and Fello like a fiddle!!
He has organized his primaries for Sunday. Fello and Milagro and the other where lured away from Hatueys Primaries by Hipolito thus discualifying that event and nulling out the convention. In the most idiotic political maneuver I've seen, Milagro and Fello decided not to participate in that convention and wait for another one organized by the PPH. When they realized they where set up they invented the Ley de Lemas deal and Hipolito's ambiguity led everyone to believe it could pass. In the meanwhile, the baldster organized his convention for sunday, hes not pulling back from that. and he'll win. End of story and end of uncertainties. Everyone knew he and Leonel where going to be the candidates facing off on may 16.
Next week, it'll start deflating although it wont go below 40x1 ever never ever never ever again!