Recommendations to Luis Abinader to stop the rise of the dollar in the Dominican Republic
The president of the Dominican Council of Evangelical Unity (CODUE), Feliciano Lacen, expressed his deep concern about the accelerated dollar increase, recognizing that this is an independent variable. However, he urges the government to take measures to contain inflation.
This situation is directly impacting citizens’ cost of living, making essential products more expensive and hitting the most vulnerable families hard.
Pastor Feliciano Lacen called on the Government to implement urgent and effective measures to mitigate the effects of this rise in the U.S. currency, which is generating a domino effect on the prices of essential goods and services, from food to medicines.
The impact of the rise of the dollar on the Dominican economy
“The rise of the dollar is not just a figure in the financial markets; it is the reflection of a reality that affects the daily life of every Dominican. Every time the dollar rises, food becomes more expensive, construction materials increase, imports become more expensive, and the working class sees its salary lose value in the face of the prices of basic products,” said Lacen Custodio.
The religious leader emphasized that although the country has maintained relative economic stability in recent years, this sustained increase in the dollar represents a serious challenge for the population and a risk for sectors such as small and medium-sized enterprises (SMEs), which depend on imported inputs and whose production costs have skyrocketed.
Recommendations to the government to curb inflation
Against this backdrop, Lacen urged the government and economic authorities to act promptly and decisively. In this sense, he proposed a series of measures that could help contain the effects of the depreciation of the Dominican peso against the dollar:
1. Central Bank intervention: This can be through mechanisms such as injecting foreign currency into the market and adjustments in monetary policy to stabilize the exchange rate.
2. Support for local productive sectors: Strengthen national production to reduce dependence on imported goods, encourage agricultural and industrial development, and promote the consumption of locally manufactured products. Expand the base of INESPRE fixed points so that citizens can stock up.
3. Control of exchange rate speculation and the prices of the family basket: Monitor the foreign exchange market more closely to avoid financial agents manipulating dollar prices.
4. Facilitate loans to SMEs: Create more favorable conditions so that small and medium-sized enterprises can access financing with preferential rates, preventing the dollar’s rise from leading them to bankruptcy.
The call for social and governmental responsibility
Feliciano Lacen reiterated that this situation must be addressed urgently and with commitment from both the public and private sectors.
“The government has the responsibility to guarantee economic stability and the protection of the purchasing power of citizens, but also the business and financial sectors must act ethically and responsibly, avoiding speculative practices that aggravate the crisis,” he said.
CODUE reiterated its willingness to collaborate with the authorities and with various sectors of society to provide solutions that help mitigate the effects of the dollar’s rise and inflation.
“Our hope is that the government will act with determination and sensitivity, and that all of us, as a nation, will do our part to overcome this challenge,” he concluded.