Commercial banks are rationing the sale of US currency to US$1,000-US$2,000 per client per day, depending on the bank. For businesses to exchange sums larger than US$2,000, they need to go on waiting lists that can take three or four days, as reported in El Dia.
El Dia reports that the banks are selling larger amounts of up to US$3,000 for the payments to the credit cards of their customers. But sums larger than this require special authorization by the internal exchange table committee of the banks. A black market is now again operating.
The scarcity of foreign currency at this time of the year is not usual. This is the time of the year when thousands of ex-pats return with lots of cash to spend. Likewise, merchants have already paid for the goods that they imported for Christmas gifts giving time.
Juan del Rosario, director of the Socioeconomic Research at the Economics School of the state university, UASD, remarked that this situation could be banks taking preventive measures to avoid a scarcity, which then generates tension in the exchange market.
Banks are asking RD$53.65 per US$1.
The Central Bank says there is no scarcity of US dollars. The Central Bank says that commercial banks have available US$1.1 billion to supply customer needs. The Central Bank acknowledged that the local exchange bank is under the pressures of the uncertain international geopolitical situation and a slowing in global economic growth.
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El Dia
El Dia
9 January 2020