The National Council of Private Business (CONEP) told the press yesterday that the demonetization of RD$300 million pesos was a positive step towards lowering the exchange rate between the peso and the dollar. Nevertheless, the business group emphasized the need to accompany this measure with other ?prudent? monetary policies in order to normalize the exchange rate, and guarantee economic stability and tranquility. According to Elena Viyella, president of CONEP, the government has demonetized RD$700 million, an amount that exceeds the agreement contained in the Pact for Economic Development and Stability that CONEP signed with the government in December. In Viyella?s opinion, the government has taken a proactive stance in deciding to defend the stability of the exchange rate. The business leader also said that this would translate into more stable prices and bolstered confidence within the business sector. The Listin Diario reports on its front page that the government has increased the amount of pesos to be demonetized by 0.3 percent, reaching 1 percent of the Gross Internal Product, instead of the 0.7 percent originally projected. A total of RD$40 billion pesos will be removed from circulation in the effort to reduce the pressure on the dollar.