A cadeau to Haiti -wouldn't that be an ironic gesture towards all the people complaining about the Haitians that sustain the DR economy -and would stabilise the gourde
- Thread starter Eddy
- Start date
What the hell is going on?
A cadeau to Haiti -wouldn't that be an ironic gesture towards all the people complaining about the Haitians that sustain the DR economy -and would stabilise the gourde
I brought 100 pesos in change of 5, 10 and 1 peso coins to a local barrio colmado today. I hope I helped alleviate the change shortage :glasses:
That's when the next person buys a chicklet with a 100peso note!
Dominicans are very particular about their oral hygiene and heaven forbid that they have bad breath. Clorets chewing gum is very valuable more so than legal tender.
Ah, I geddit now. It's a government initiative towards the dental health of the population.
I wonder what the fiscal value of a chewed chicklet is?
coin shortage
i just purchased 200 one dollar usa bills at the bank today to take next trip to dr. what i intend to do is give each one as the equivilant of 34peso. now i will have to get some one peso coins to round out to 35...
i had a thought that since many stores are paying a premium for coins, if people and stores used 1dollar bills at 35 peso for easy calculating it may solve the problem
i just purchased 200 one dollar usa bills at the bank today to take next trip to dr. what i intend to do is give each one as the equivilant of 34peso. now i will have to get some one peso coins to round out to 35...
i had a thought that since many stores are paying a premium for coins, if people and stores used 1dollar bills at 35 peso for easy calculating it may solve the problem
the only problem i forsee is that at the bank you get 34plus peso for a usa dollar...if on the purchaes they try to only allow you 30-33 peso you have a loss on the exchange..
best would be for the government to just pay their bills and get more coins minted. but then maybe now the mint will not only want paid for previous invoice, but may want next order paid in advance.
I could understand if the paper money became hard to get as it wears out but coins last years.
There must be billions of pesos in circulation so where have they all gone. No its not the children saving them.
Perhaps the drug runners are hoarding them as the sniffer dogs have had too many successes at the airports finding hidden money.
Should you see a suspicious Columbian with forty cases that seem too heavy infront of you at the check-in perhaps its all the 5,10.25 peso coins
Skippy1
There must be billions of pesos in circulation so where have they all gone. No its not the children saving them.
Perhaps the drug runners are hoarding them as the sniffer dogs have had too many successes at the airports finding hidden money.
Should you see a suspicious Columbian with forty cases that seem too heavy infront of you at the check-in perhaps its all the 5,10.25 peso coins
Skippy1
Dollarization is just impossible without fixing the exchange rate (pegging). The consequences of pegging exchange rates vs free fluctuation are very bad if a pegged country cannot keep pace with the "master currency economy" (in this case - U.S.). Examples - Brazil, Argentina, Ecuador are just some of them.
You don't need an MBA for understanding this. Just Macroeconomics 201 LOL
I agree with you but I'm looking for a temporary solution untill Banco Central wake's up.
(Soon I hope)
Works for me. (I mean I for one would accept either US$1,s or coins as payment)
coin shortage
what we need is a few bars and restaurants to lead the way. they could post a sign that they will accept all usa dollar bills up to five of them at a time at a rate of 35peso each. also post that they may give for change the same dollar bills for 35 peso...
once a few of these business start doing so, then more will follow, the motor conchos etc...
a combination of these and some coins may relieve the pressure on both business and consumers.
what we need is a few bars and restaurants to lead the way. they could post a sign that they will accept all usa dollar bills up to five of them at a time at a rate of 35peso each. also post that they may give for change the same dollar bills for 35 peso...
once a few of these business start doing so, then more will follow, the motor conchos etc...
a combination of these and some coins may relieve the pressure on both business and consumers.
Some signs could be showing up within the next week
Could this be a tactic by the Gov. to move things over to US$ in the DR? What do our experts think?
when i first came here i was surprised to see you never get any change of centavos. of course i know it makes sense on a global sense, those odds and ends will add up to quite a lot - eventually.
maybe we are getting to the point when bills will be rounded to the nearest hundred pesos?
maybe we are getting to the point when bills will be rounded to the nearest hundred pesos?
How will this solve the problem of buying a RD10 peso water in playero?
The guy tried to break my arm when I paid with a RD50 Peso note and refused to accept 40 chiclets recently. This is a major issue that will only be solved with the mint being paid.
Bologna Rest. uses USD for change FYI. Make US .25 coins legal tender if you wanna quick fix, $1 bills do not help IMHO, maybe a bandaid for this crisis.
tambo'
Last edited:
I don't want to alarm all of those "laundering" money and shorting the gov in tax receipts:
The DR is getting ready to move from paper based currency to electronic credits...
In a way, cutting money laundering to 0% of deposits into Dominican banks.
Cutting tax evasion to less than 5%...
Cutting counterfeiting 100%...
Creating yet, a bigger market place for banks and credit unions to participate; by this way rendering credit worthy to the 70% of the un-served general population...
The DR will have a monetary service based on more than 5 foreign currencies plus the national Peso. In this way, travelers can purchase items, pay for services and other charges in their own currency.
Dominicans will be able to save or keep checking accounts in multiple currencies as well.
Foreign corporations doing biz in the Dominican market will not need to open funding accounts to keep payrolls and other related currency effects done today via the Central Bank. Employees will be paid in their selection of currency (always that the employer is the originator of the funds in selection).
All imported goods, including oil-gas, will be billed and collected in the same currency used to purchase the good overseas; thus rendering the need for the CB to keep large reserves of foreign currency in stock obsolete.
All national goods, exports and related exchanges will be carried out in DR $ Pesos...
Giving the gov a way to re-invest and keep national interest rates under gov control (to a lesser degree).
Very few orders to restock the Dominican hard currency will be made in the coming years. So that by the time is ready to switch to the electronic model, the waste bin and loss will be manageable...
While that all sounds great the DR is not the safest place to use Debit/Credit/ATM cards in my opinion and as many people find out. All one needs to do is search this forum and you'll find loads of instances where everyone from street theives to Banks are questioned on their integrity using any type of electronic transfers.
I keep 2 separate cards for use when I am in the DR. 1 ATM card and a PayPal debit card. Its easier for me to track everything and protect my stateside funds by keeping it separate.
The DR government can push for electronic funds but until they gain the trust of the people putting the money into the banks and using the electronic methods its not going to happen.
If they can't even keep a stable amount of small bills and coins in circulation they don't appear ready for something more complex.
Pichardo, I like many of your ideas, but very many of your other ideas are Utopia... pure just that... UTOPIA.
Like you present many things like they will be implemented overnight. Won't happen. Western world took years or decades to implement things. Many of your ideas can be phased in in 3-5 years, but not overnight, and many others are... as I said... Utopia.
In RE electronic payments, to accoplish what you wrote about you would need to implement chip cards, and build alternative chip-card processing networks. Even in Europe, where Chip cards were invented and have been in use for many years, the general adoption by population is quite slow.
Like I see a colmado accepting electronic credit/chip card. Like I see vendedor de coco or jugo con empanada accepting electronic credit. Like guaguas run with wireless credit card terminals. Like new traffic jams when sellers of cell phone charges and newspapers try swiping the credit or chip cards on Gomez & 27. Like...Like...Like
And like with the fees Cardnet and Visanet charge. Like with settlement delays that can reach up to a month.
Yeah I can really imagine that... a new Jules Verne.
Like you present many things like they will be implemented overnight. Won't happen. Western world took years or decades to implement things. Many of your ideas can be phased in in 3-5 years, but not overnight, and many others are... as I said... Utopia.
In RE electronic payments, to accoplish what you wrote about you would need to implement chip cards, and build alternative chip-card processing networks. Even in Europe, where Chip cards were invented and have been in use for many years, the general adoption by population is quite slow.
Like I see a colmado accepting electronic credit/chip card. Like I see vendedor de coco or jugo con empanada accepting electronic credit. Like guaguas run with wireless credit card terminals. Like new traffic jams when sellers of cell phone charges and newspapers try swiping the credit or chip cards on Gomez & 27. Like...Like...Like
And like with the fees Cardnet and Visanet charge. Like with settlement delays that can reach up to a month.
Yeah I can really imagine that... a new Jules Verne.
