A major headache for holiday shoppers is that businesses are wary in receiving RD$2,000 bills. The problem is that counterfeit bills have been circulating. But this is compounded by the fact that the Central Bank has two distinct versions of RD$2,000 in circulation, adding to the confusion.
As reported in last Wednesday’s DR1 News, there continue to be counterfeit RD$2,000 bills in circulation, leading to increasing problems at retail level over the holiday weekend. Today’s Listin Diario points out that many small retail establishments are no longer accepting the bills as legal tender. In others, customers are obliged to sign documents that include the bill’s serial number and the client’s personal identification card (“cedula”) number. The paper prints a photograph of a small eatery with printed signs calling attention to the fact that the establishment will not accept RD$2,000 bills.
Retailers are using all available tactics to detect fake bills, like using a black light, markers, holding the bill up to a light to see the watermark, rubbing the bill on the wall to see if it tatters, scratching the bill and special lamps. The usual excuse given by people trying to pass the fake currency is that they “got it from the bank,” but most retailers will have nothing to do with any currency that is even vaguely suspicious.
Last 14 December the Central Bank warned the general public to be on the look out for the counterfeit bills and to take the usual precautions. Just yesterday, the head of the National Federation of Retailers (FENACODEP), Jose Matos and the head of the National Merchants Union (UNACO), Pablo Adon, told reporters that they were worried about the authorities’ weak response to control the flow of counterfeit money. According to the newspaper, the counterfeit money is of a very high quality, making it difficult to tell apart from the real thing.
Business concerns over accepting the RD$2,000 bills is worsened by the fact that the Central Bank recently issued a separate version of RD$2,000. Some businesses noting the difference, are not accepting the newer bills, believing these to be fakes.
The Central Bank was forced to make a statement regarding the existence of two versions of the legal tender. Beginning in 1999 both versions of the RD$2,000 peso note are in circulation, and if there are any doubts as to the legitimacy of any given note, the Central Bank recommends going into a commercial bank and asking a teller to check the bill.