Two prominent industry associations and the group representing remittance agents together called yesterday for urgent passage of the draft Monetary and Financial Code reform law now before Congress. The Association of Industries of the Dominican Republic (AIRD), Association of Industrial Companies of Herrera (AEIH) and the Dominican Association of Remittance Agents (ADEREDI) called for urgent passage of the reform measure and unification of the country’s exchange rates. They called for having the "official" exchange rate more closely reflect the market rate. Under current law fund transfers into the DR must be done at the official rate, and certain products – such as coffee, cocoa and sugar – must exchange at that rate. The groups maintain that the current policy discourages greater inflow of capital and encourages imports while penalizing exports.
