Even with the official exchange rate nearing to RD$59.00 to the dollar, the Central Bank of the Dominican Republic says that there will not be any shortage of dollars or other hard currencies. The institution issued a call to have confidence in the fundamentals of the Dominican economy and the credibility of the Central Bank, currently keeping an eye on the inflationary tendencies at work in the country.
The current availability of hard currencies has been affected by the effects of the coronavirus. Tourism, export free zone exports, foreign investment and remittances have seriously been affected.
The Central Bank has been proactive, by placing US$400 million at the disposition of the financial entities from Repos in foreign currency, and another US$222 million through the freeing up of the required legal reserves, together with other measures. In addition to all of this, the Central Bank has said it has around US$8 billion in reserves.
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Central Bank
Listin Diario
1 June 2020