2001News

US$30 million to contain peso devaluation

El Caribe newspaper points out that not all the members of the Monetary Board were in agreement with the Central Bank decision to inject US$30 million into the money markets to contain the devaluation of the peso. Several members of the board favored letting the peso float to reach its own level. The peso was sold in commercial banks last week for upwards of RD$17.50. The Central Bank has announced its intention to stabilize the peso at the RD$16.6 mark. Commercial banks are now buying at around the RD$16.6 level.