The peso reaches historic depreciation; sales at RD$60 to 1 are reported

[Dolores]

The Central Bank announced it will be injecting US$60 million of reserves into the financial system to quell the marked depreciation of the Dominican peso. The official rate on 26 May 2020 was RD$56 to US$1, but banks do not have US$ available to meet the demand. The situation has been happening since last year, but has worsened with the Covid-19 health and economic crisis. The collapse of the tourism market, the decline in free zone exports, remittances and foreign investment have accelerated the depreciation.

On Tuesday, 26 May 2020, Central Bank Governor Hector Valdez Albizu met with the presidents of the financial institutions. In a press release, the Central Bank announced it would continue to use all tools needed to bolster the availability of hard currency to attend to the demands of productive sectors. “We will do what we have to do because we have the hard...

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[Juan Bosch]

Funny how they keep injecting and the peso keeps falling...garbage in garbage out...

 

[irsav]

Good news for American expats. Long waited.

 

[CristoRey]

58.95 at a casa de cambio here
in central santiago this morning.

 

[RDKNIGHT]

58.95 at a casa de cambio here
in central santiago this morning.

70 is very doable by the end of the year.... there are no dollars in this country ...gringos are not here and will not come for a long time because they dont have money to vacation there are broke thats why uncle Donald is providing aid to them..

 

[irsav]

70 is very doable by the end of the year.... there are no dollars in this country ...gringos are not here and will not come for a long time because they dont have money to vacation there are broke thats why uncle Donald is providing aid to them..

"70" sounds not bad at all.

 

[waytogo]

"70" sounds not bad at all.

70, 80, 90, etc,etc,etc is fine for us with the ''dollars", but it's killing the Dominicans...........
Prices in stores going way up and they''re not working and if they are, wages haven't increased to level the playing field.
Locals are getting fuc...

 

[irsav]

70, 80, 90, etc,etc,etc is fine for us with the ''dollars", but it's killing the Dominicans...........
Prices in stores going way up and they''re not working and if they are, wages haven't increased to level the playing field.
Locals are getting fuc...

It is life. One of the two sides must get gold, the other gets fuc....
So far I have never heard of a scenario when both sides get gold.
But if any expats care very much about locals - they are allowed to give them money. Any amounts.
At least I do. To those who deserve it. In my opinion. With their service, prices, attitude and behavior.
There are 205 countries in the World. 180 of them are poor, underdeveloped and corrupted. And 90% of World population live in them. It is natural that we expats go to the countries where our dollar gives us the biggest and juiciest bang. Not to make life of locals in those countries better.
For this there are persons who are called "missionaries". Or "altruists"

 

[CristoRey]

This country is not poor.
It's extremely mismanaged.

 

[etolw]

This country is not poor.
It's extremely mismanaged.

Yes, and they mine and sell a LOT of gold

They sell it, so I guess both sides get gold...

 

[CristoRey]

70, 80, 90, etc,etc,etc is fine for us with the ''dollars", but it's killing the Dominicans...........
Prices in stores going way up and they''re not working and if they are, wages haven't increased to level the playing field.
Locals are getting fuc...

Prices go up when exchange rate
gets high but will not come down
should the exchange rate drop.

 

[irsav]

This country is not poor.
It's extremely mismanaged.

The same thing exactly can be said about ANY Third World banana republic. I have been in many of them. In Asia, Africa, Caribbean and South America.

 

[irsav]

Yes, and they mine and sell a LOT of gold

They sell it, so I guess both sides get gold...

Sweden, Switzerland, Belgium and others do not have neither gold nor other natural resources. And still they are RICH AND PROSPEROUS. Because they have different BRAINS. This is the ONLY explanation.

 

[irsav]

The poorer is the local population - the more opportunities for buying and luxury living have expats there with dollars.
It is a well known fact for over a century. Only poor population will work for expats for so little money - landscapers, cleaners, women, sweepers, auto repair men, plumbers, etc.
With a rich local population expats will have the same labor prices like in USA and Europe. And will have to move out of this paradise.
So, be careful with your wishes. They may materialize.

 

[waytogo]

Prices go up when exchange rate
gets high but will not come down
should the exchange rate drop.

Exactly, and this practice will never change........

 

[Big]

Yes, and they mine and sell a LOT of gold

They sell it, so I guess both sides get gold...

gold is mined as are ot

Yes, and they mine and sell a LOT of gold

They sell it, so I guess both sides get gold...

the D.R gets hundreds of millions of dollars in taxes from the mining of gold,silver and other products. Not to mention the creation of some of the best jobs on the island. The plentiful minerals will be mined for decades creating a huge infusion of monies to the D.R for the foreseeable future

 

[CristoRey]

gold is mined as are ot

the D.R gets hundreds of millions of dollars in taxes from the mining of gold,silver and other products. Not to mention the creation of some of the best jobs on the island. The plentiful minerals will be mined for decades creating a huge infusion of monies to the D.R for the foreseeable future

Like I said.
Extremely mismanaged.
I've been telling people who ask
me for money uunder the
pretense of "my country the
Dominican Republic is very
poor", the same thing for years.

 

[CristoRey]

The same thing exactly can be said about ANY Third World banana republic. I have been in many of them. In Asia, Africa, Caribbean and South America.

Some not all.
I've lived in a few that
do not have any
natural resources and
depend heavily on foreign aid
which is cyphened off by corrupt
officials.

 

[CristoRey]

Sweden, Switzerland, Belgium and others do not have neither gold nor other natural resources. And still they are RICH AND PROSPEROUS. Because they have different BRAINS. This is the ONLY explanation.

Singapore is a classic example and
they managed to get it done under
the 40 year period projection. Not
possible here due the Dominican
culture. They prefer loud music over
peace and quiet with dancing rather
than reading books.

 

[Caonabo]

Sweden, Switzerland, Belgium and others do not have neither gold nor other natural resources. And still they are RICH AND PROSPEROUS. Because they have different BRAINS. This is the ONLY explanation.

Please expand. This should be interesting. I await.