Central Bank Governor Héctor Valdez Albizu denied that the peso is falling against the dollar. The Governor insisted that in the above-board market the dollar-peso rate has remained stable, and that the Bank recently made available US$15 million to local banks to keep that way. "The movements higher appear in the unregulated market in the extrabank market, which does not concern us," he said. Most importers, stores, businessmen and agricultural producers use the banking system, where the exchange rate is closely monitored by the Central Bank and kept stable. The rumors of exchange rate rises are coming from people using unregulated money changers, he asserted, and they often do not want the true value of their merchandise reflected in their books. Valdez Albizu said that the peso should soon start its traditional year-end rise in value against the dollar, as tourism increases and Dominicans abroad send home to their families money for the holidays. The Minister of Finance, Daniel Toribio, suggested a different reason for exchange rate fluctuations. Appearing on the TV show "Hola," Toribio attributed current high demand for dollars on importers making their year-end purchases. In the past, he explained, importers tended to make such purchases in September and October, but this year Hurricane Georges delayed such purchases until November. He agreed with Valdez Albizu that the rate should show its traditional favoritism to the peso as December arrives.
