A report in El Caribe reveals that the Dominican peso in these inflation-ridden times has appreciated against the US dollar. On Friday, 19 August 2022, operations in the spot market fell to the RD$53 per dollar mark.
The peso is appreciating because of a significant increase in inflows of hard currency. According to market sources, foreign capital inflows to the country have increased lately, mainly from South America. South America is affected by uncertainty due to changes in South American governments. The Dominican Republic has since the 2020 pandemic benefited from increased inflows of remittances from the diaspora, foreign direct investment flows, tourism and free trade zone receipts, in addition to the export receipts.
A 19 August 2022 memorandum from the director of the International Department of the Central Bank states that the rates for the purchase and sale of dollars closed on that date at RD$53.2908 and RD$53.5784, respectively.
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El Caribe
23 August 2022