The US dollar exchange rate has fallen from an “official” RD$34.70 in December to RD$34.55 in January and in February to RD$32.17. According to Listin Diario reporter Jairon Severino, this is the result of the accumulation of certificates of deposit in the Central Bank, part of the bank’s efforts to forestall the negative effects of an expanding economy.
Official numbers indicate that the exchange rate has been ceding against the dollar as the amount of money in certificates goes up. When the dollar was pegged at RD$34.70, there was RD$140.204 billion in certificates. In January, with RD$148.517 billion in certificates, the dollar fell to RD$34.55, and in February with RD$154.952 billion in certificates, the exchange rate was fixed at RD$32.17. Of all of the money in circulation, more than six billion pesos have entered the Central Bank as certificates of deposit during the last two months, and this has held inflation in check, says Listin’s reporter.