A three-hour meeting was held yesterday between bankers and government economic officers to discuss strategies to strengthen the floundering Dominican peso. The government and the financial sector declared themselves to be in permanent session in order to find ways to stabilize the peso at previous levels that were ?more attractive and reasonable?. Meanwhile, El Caribe reports that the exchange rate dropped 20 points, with the dollar selling at a price of RD$25.80 ? a reaction to the new willingness of the government to continue talks.
As reported in El Caribe newspaper, monetary officials would begin to remove RD$4 billion from circulation, a step that Jose Manuel Lopez Valdez, as head of the Dominican Banking Association, says will certainly stabilize and reduce pressure on the peso.