Former Ambassador in Washington, D.C. and Central Bank governor Bernardo Vega writes today in El Caribe of the lack of confidence that is propelling the depreciation of the peso. Vega mentions the excess of liquidity created by the ?inorganicos? (money not backed by gold or hard currency reserves) issued by the Central Bank to pay the depositors of the collapsed bank, Baninter. He says that distrust has spurred a flight of capital, as Dominicans convert their pesos to hard currency. Vega mentions the perception that the government will continue its unbridled spending now that the President has announced he will seek re-election. Despite the President having agreed with the National Business Council [Pact for Sustainable Economic Development] to remove a monthly minimum amount of money from circulation, freeze the financial allotments for government payroll, and to refrain from sending Congress any new petitions for loans that do not meet pre-established criteria, none of these promises has been met, writes Vega.