Monetary authorities are attributing the increase in the foreign exchange rate to a “bubble” of apprehension and speculation, whereas representatives from the financial sector say it is the result of the higher demands placed by importers wanting to replace their inventories before December. Yesterday, the US dollar was selling for RD$33.50 and RD$33.80 on the exchange market and some agencies were selling at RD$34.00 to one, according to Diario Libre. Banks and exchange agencies also reported that the currency was scarce. There are no monetary, macro-economic, fiscal or structural reasons for the increase, according to Central Bank governor Hector Valdez Albizu. Both Albizu and Finance Minister Vicente Bengoa agreed that some press media are devoting excessive attention to information regarding foreign exchange, creating apprehension for economic agents.
Listin Diario adds that transcactions under US$5,000 in the exchange market were being done at RD$33.80. That included credit cards. Transactions above that amount were being done at RD$34.00 to one. The Central Bank reported that yesterday, the average exchange rate fluctuated between a maximum of RD$33.00 and a minimum of RD$32.80. The Euro was being sold in commercial banks at between RD$39.00 and RD$40.00, and was being bought at RD$38.65.