Exchange market analysts are forecasting that the dollar has peaked at its sales price of RD$15.65 and is likely to start a decline in price. Exchange houses were buying dollars for RD$15.00. At present, demand has lulled as buyers expect the Central Bank to inject the market with dollar reserves. Furthermore, Freddy Ortíz, president of the Association of Foreign Exchange Remittance Companies (Aderedi), said that another measure expected to have a downward effect is the elimination of the U.S. Treasury Department requirement (GTO), whereby persons sending remittances of more than US$750 to the Dominican Republic from the United States had to identify themselves with two photo ID cards. No identification is now required for up to US$10,000 remittances. The GTO was eliminated after U.S. authorities determined that remittance houses were not being used to launder money and that controls in place by the Department of Banks of New York, and the U.S. Treasury Department, were effective and being complied with by the remittances houses in the U.S. Dominican Consul General in New York City Bienvenido Pérez estimates that Dominican workers send some US$1,200 million a year to friends and relatives. Moreover, a new extrabank exchange table, whereby banks can exchange among themselves surpluses of foreign exchange, is also expected to add fluidity to the market, reducing the pressures that generate a decline in the value of the peso. The bank table began operations today.
