New regulations governing foreign currency exchange come into effect as of today, as part of the agreement with the IMF. The Central Bank’s monetary board presented the new exchange regulations yesterday, which it said were aimed at “increasing transparency and efficiency in the exchange market and boosting its competitiveness.” The measures include mechanisms that will ensure that the dollar floats freely on the market, with its rate to be determined solely by supply and demand. New controls are being introduced concerning the issue of licenses to intermediaries, and tougher penalties (with fines of up to RD$10 million) will be assessed for those who are found guilty of infringing the new regulations. Only authorized money-changers will be able to perform currency transactions, and existing licensees have 90 days to comply with the new rules. Meanwhile, the dollar continued its current downward trend, and yesterday was being bought for RD$47 to US$1 by commercial banks. <\/p>\n","protected":false},"excerpt":{"rendered":"
New regulations governing foreign currency exchange come into effect as of today, as part of the agreement with the IMF. The Central Bank’s monetary board presented the new exchange regulations yesterday, which it said were aimed at “increasing transparency and efficiency in the exchange market and boosting its competitiveness.” The measures include mechanisms that will … <\/p>\n