The Central Bank’s Communications Director, Ricardo Rojas León, announced yesterday that the Bank was putting at commercial banks’ disposal another US$20.6 million in dollars to ensure that this week’s commercial bank demand for dollars is met and the dollar-peso exchange rate remains stable. He also stressed that the Bank has a US$620 million in reserves, and will intervene in the market as much as necessary in order to defend the peso. Last week the unofficial exchange rate hit RD$16=US$1 in spite of a US$15 million injection by the Central Bank into the local exchange market. This led Bank Governor Héctor Valdez Albizu to call in the press and insist that in the above-board market overseen by the Central Bank the exchange rate remains stable at RD$15.50=US$1, and that the rate should actually improve as the holidays approach. Dollars are being purchased by commercial banks for RD$15.30-RD$15.70, while exchange banks and street vendors are offering RD$15.50-RD$15.85.
