Central Bank dollar ‘injection’ calms the market, for now

Santo Domingo.- Herrera and Santo Domingo Province IndustriesAssociation (AEIH) president Antonio Taveras on Wednesday said the flow of currencyis back to normal, after the Central Bank injected US$100 million in the market.

He lauded the Central Bank’s intervention, but warned that the currenciesmarket especially the dollar, has a “profound character” in the Dominicaneconomy which in his view could be repeated cyclically,

“The local economy isn’t producing enough dollars neededfor imports,” the business leader said when asked if there’s a lull in production,

"We’re still uncompetitive in international marketsand have payments deficit in the balance of trade with many countries, and we’reincreasingly importing more and exporting less."

Although Central Bank Hector Valdez Albizu last week saidthe country has the necessary currency reserves to deal with any situation withthe US currency, Taveras reiterated that the country’s economy needs moredollars every day, “which aren’t being produced.”