2003News

Peso hits record low, gas prices to fall

Yesterday some exchange houses were selling US dollars for as much as RD$26 ? a record-breaking price. This latest decline in the peso?s value, described as ?inexplicable? by the government in today’s List?n Diario, continues to cause concern in business and government circles. Finance Minister Jos? Lois Malkum said that the only possible explanation was the speculation in US dollar markets, which the government aiming to control with new measures to stabilize the peso. This situation dominated yesterday’s meeting between President Hip?lito Mej?a and business leaders, at which the Association of Commercial Banks (ABCRD) expressed support of the decision to allocate RD$525 million to advance interest payments on sovereign bonds.
Fuel prices are expected to fall once more by roughly RD$1 per gallon on Saturday, reflecting the fall in international petroleum prices. As a result of the recent instability in Venezuela, the DR has started to purchase fuel from new sources, including Ecuador, Equatorial Guinea and Finland.