How will you get your cash dollars if the banks don't have them? My income is in USD on a US bank account, but at the moment of needing cash I'll have to get them from a cash machine, converted (at the official rate) in pesos.
- Thread starter j&t's future
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Peso devaluing vs. Dollar - Central Bank to Intravene?
Criss most likely won't tell us cause he knows better then I do.
LOL. I said that I would buy at 61 BUT so many other factors should be considered. The overall C.B. situation, Global stuff, Dominican Gov. spin, how hard is it get U.S. $ down here with the divid between buy/sell of the $, how fast the peso rises over what period of time, how fast food and goods increase and... what the average Dominican is saying. (one clue is when you see restaurants blacking out the peso and writing in U.S.$).
If it is a slow climb over 6 to 10 months, then 61 would be a buy "target" but it is a moving target. It may be lower or higher.If it goes up fast... I may just pack up and leave? Nah. I'm kinda like CC, got what I need to get along for some time. lol.
IF the peso goes up and USD gets tight HERE in the D.R., you will have no problem "selling" your USD for pesos out of your U.S. bank.
IF the peso rises and and USD becomes scarce here, as it has before, then you don't get your USD out of a D.R. bank in USD, you can take pesos. They don't have any USD to give you. You still have it on "paper" you just can't have it in USD.
I thought that 55 was extreme last time. LOL.. I missed the point by 1 cause it hit 56.
Again. This is a moving target so firm buys are not firm. I may start buying in the 50's, depending on overall situations, thinking that I'm on the Up curve but would hold back from major buying. Good thinking Wyw.
I would really like someone to give a simple explanation how the D.P. works. I view this in simple terms. The Dominican Republic does NOT have it's own currency but prints paper that is an extension of the USD. All Gov. transactions with all other countries for loans and projects is based on paying in USD. When you pay out more USD then you bring in, then you have a problem.
The DOP follows the Dominican GDP very close. As per exchange prices, I still believe 50.00 is the goal for a buy.
This is the best thread I have read in a very long time.
Would I be allowed to transfer $ from one Dominican Bank account to another Dominican bank account? What about a transfer out of the country? Has anyone had any experience with Banca Santa Cruiz in Sosua the last time the peso devalued?
Would I be allowed to transfer $ from one Dominican Bank account to another Dominican bank account? What about a transfer out of the country? Has anyone had any experience with Banca Santa Cruiz in Sosua the last time the peso devalued?
The DOP follows the Dominican GDP very close. As per exchange prices, I still believe 50.00 is the goal for a buy.
I respect you advice. Let's keep watch as thing develop.
The DOP follows the Dominican GDP very close. As per exchange prices, I still believe 50.00 is the goal for a buy.
The D.R. has no GDP as compared to what they owe. After all, beans for oil? The D.R. depends on and has for decades the aid and loans from everyone in USD and is paid in USD. I have NO idea why outside banks keep lending since the D.R. can not not make the interest payments in USD OR beans.
Something has to give. Just like Greece, Spain... the U.S. and other Countries. You have to stop spending more then you can afford. And lenders have changed their thinking also. No More Easy Money. just IMO.
People, I would tread carefully..... the currency game eats amateurs alive.....
Safe move is to sit on your US $$$$ and convert advantageously......
If you switch back/forth, the bank wins big time with its fees.
Just saying..... I'm not smart enough to find the playing field let alone play the game:bored:
Safe move is to sit on your US $$$$ and convert advantageously......
If you switch back/forth, the bank wins big time with its fees.
Just saying..... I'm not smart enough to find the playing field let alone play the game:bored:
Excellent ww. Dailey markets will eat most down to the bone in nothing flat. I'm a "day trader" on the stock exchange. It took 20 years to get to a break even on ONE major US stock.
Sit on your outside DR currency.
Three years ago, the rate was 38.95 to 1
Now, it's 42 to 1. In the midst of a global recession.
The dollar has been stronger against the pound, euro and the BRIC currencies as well. Sorry if I don't think we should start looking for Mad Max to show up just yet.
Now, it's 42 to 1. In the midst of a global recession.
The dollar has been stronger against the pound, euro and the BRIC currencies as well. Sorry if I don't think we should start looking for Mad Max to show up just yet.
Mmmmmm, the dollar took a beaten a couple of months back against chf. I d bought $ with chf, and a month later chf into $: 10% win.
But I wouldnt bet myshirt doing the same with pesos, too risky. Gvt could add a 0 on all prices on pesos, so even if ubought at 60 to 1, ure pesos still wouldnt get u very far.........The dr is still too unstable in order to play the currency game.
My2 bit of advice is keep ure $or chf or even € or ? ( even if the 2 latter are not that fit right now) , and keep them OUT of the country, bring in only what is needed.
But I wouldnt bet myshirt doing the same with pesos, too risky. Gvt could add a 0 on all prices on pesos, so even if ubought at 60 to 1, ure pesos still wouldnt get u very far.........The dr is still too unstable in order to play the currency game.
My2 bit of advice is keep ure $or chf or even € or ? ( even if the 2 latter are not that fit right now) , and keep them OUT of the country, bring in only what is needed.
Exactly. The fluctuation is about the dollar regaining strength. Not about the peso slipping into worthlessness.
Just wait until QE stops and the Fed raises the overnight rate.
Seems to me that the dollar is weakening at a lesser rate than other currencies in the Big Picture, not really "strengthening."
One only need to go to the grocery store after being away for a couple of years to see the effect.
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This downward spiral of the value of the peso is worrying, that's for sure. We brought in dollars and had a great time about 3 years ago when investing in the pesos brought in 15% return, but right now the interest rate is down to 7.5% and the peso as we have all said is down too. I wish the government would do something to at least halt the speed with which the peso is loosing its value.
"Eugin" don't worry, the Central Bank here IS doing many things to artificially support the DR peso.
If it wasn't, the peso would be worth around 10% less.
I keep the vast majority of my US Dollars, in US banks.
I bring what I need to live here each month to buy pesos.
I am fortunate to have a 27 year relationship at a "Casa de Cambio" who gives me 1 US Dollar in cash, for each 1 US dollar, in checks.
I have been "Stashing" about $500 of what I bring here,in US dollars.
The rest, I keep in US dollars, to "Average In" to pesos as needed for "Living Expenses".
When "Hipolito" busted the value of the peso down to 55/6 to one, I BOUGHT a LOT!
Spent most of it on my house.
As has been said many times, the merchants :bandit::bandit::bandit: raise their prices MORE than the actual devaluation, but NEVER bring them down to reflect any revaluation of the DR peso.
This time MAY be different.
"Dominicanos" ARE SO STRAPPED FOR CASH THAT THEY ARE FORCED TO SPEND LESS & LESS.
THAT, may, HELP TO KEEP PRICES LOWER SO THAT THE cost-of-living remains more stable.
Those of us that have dollars, Euros,and Pounds to spend would absolutely LOVE THAT!!! :bunny::bunny::bunny:
I have no "Buy Pesos Number".
I Average In as needed, and save my cash US dollars here, for the "CRASH"!
Always remember, "Jesus Saves",....BUT, "Moses INVESTS"!
Just NOT in the DR!
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
PS., I am "Armed" and potencialy dangerous!
If it wasn't, the peso would be worth around 10% less.
I keep the vast majority of my US Dollars, in US banks.
I bring what I need to live here each month to buy pesos.
I am fortunate to have a 27 year relationship at a "Casa de Cambio" who gives me 1 US Dollar in cash, for each 1 US dollar, in checks.
I have been "Stashing" about $500 of what I bring here,in US dollars.
The rest, I keep in US dollars, to "Average In" to pesos as needed for "Living Expenses".
When "Hipolito" busted the value of the peso down to 55/6 to one, I BOUGHT a LOT!
Spent most of it on my house.
As has been said many times, the merchants :bandit::bandit::bandit: raise their prices MORE than the actual devaluation, but NEVER bring them down to reflect any revaluation of the DR peso.
This time MAY be different.
"Dominicanos" ARE SO STRAPPED FOR CASH THAT THEY ARE FORCED TO SPEND LESS & LESS.
THAT, may, HELP TO KEEP PRICES LOWER SO THAT THE cost-of-living remains more stable.
Those of us that have dollars, Euros,and Pounds to spend would absolutely LOVE THAT!!! :bunny::bunny::bunny:
I have no "Buy Pesos Number".
I Average In as needed, and save my cash US dollars here, for the "CRASH"!
Always remember, "Jesus Saves",....BUT, "Moses INVESTS"!
Just NOT in the DR!
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC
PS., I am "Armed" and potencialy dangerous!
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