With the peso depreciating to RD$47 to US$1, the Association of Industries of Herrera and Province of Santo Domingo (AEIH) demanded a clear explanation from the authorities concerning the continuing scarcity of US dollars circulating in the free market.
The president of AEIH, Antonio Taveras said that businessmen are having serious difficulties in securing hard currency to meet their international commitments, replacing inventory and paying invoices in US dollars.
“We wonder how can an economy that received US$24.3 billion last year, a US$1.6 billion increase over US$ receipts in 2015, could now all the sudden be rationing the sale of dollars,” asked Taveras. “They put us on waiting lists and then they sell us only minimum amounts,” he said.
“My distinguished colleagues at the Central Bank, if you say the economy is generating sufficient hard currency to honor our nation’s commitments and that there is a US$6 billion reserve, then what is causing the scarcity?” he asked.
He said that neither banking sector, nor the exchange markets in general can meet the present demand for US dollars.
There is criticism that some banks are offering dollars at RD$49, that is two pesos more than the spot quote at the Central Bank.
Circe Almánzar, executive vice president of the Dominican Republic Association of Industries (AIRD) said companies are currently experiencing one week delays in purchasing needed dollars and banks are reporting waiting lists of companies wishing to secure greenbacks.
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Acento
9 February 2017
