Economist Rolando Reyes said in an interview with Hoy newspaper that he does not
\nbelieve the IMF would resume the agreement with the DR as long as the foreign
\nexchange black market is thriving. In the interview published yesterday, Reyes
\ncommented that if the market were liberalized again, the exchange rate on the
\nformal market would leap to RD$40 to US$1, he said. He speculated that the
\ngovernment would hang on to a two-tiered exchange market until the 2004 National
\nBudget gets its stamp of approval. He explained that the 2004 budget is one of
\nthe most important factors for the country to resume its agreement with the IMF.<\/p>\n
The buying rate currently hovers at RD$39 to US$1, with transactions reportedly
\nbeing carried out in the black market for over RD$42 to US$1. The Euro buying
\nprice is at RD$46 to EUR1, with these being sold for about RD$50 to EUR1.vention. <\/p>\n","protected":false},"excerpt":{"rendered":"
Economist Rolando Reyes said in an interview with Hoy newspaper that he does not believe the IMF would resume the agreement with the DR as long as the foreign exchange black market is thriving. In the interview published yesterday, Reyes commented that if the market were liberalized again, the exchange rate on the formal market … <\/p>\n