2005News

Foreign exchange rate varies

The continuous increase in the price of petroleum combined with expectations generated in economic sectors by the debate about the inevitable tax reform have caused the US dollar to increase in price in the Dominican market after months of relative stability. Diario Libre reports that yesterday, the US dollar was being sold at an average rate of RD$30.10. Finance Minister Vicente Bengoa justified the increase by saying that retailers have started to purchase commodities for their December stock and are seeking the hard currency in the market. According to El Caribe, Bengoa warned exchange agents not to purchase dollars thinking it will get costlier as the authorities have enough reserves to keep the market stable. He stated that the government will use part of its reserves for the payment of the external debt during September and October to minimize disruption in the foreign exchange market.