Central Bank’s ban on dollar-only charges surprises Big Business

Santo Domingo.- Business leader Rafael Blanco on Fridaysaid the Central Bank’s announced ban on the use of very-phones which chargeonly in dollars or other foreign currency surprised the business community,because in his view the issue wasn’t previouslyaddressed.

Blanco, who said he was speaking as a hotelier and not as presidentof the National Business Council (CONEP), said prices throughout DominicanRepublic’s hotel industry are "normally” expressed in dollars. “Then thecustom to charge the customer in the currency in which their service was quotedwas established to avoid confusion with the exchange rate’s movements.”

In that regard, economist Ernesto Selman, quoted bydiariolibre.com.do, said the Central Bank’s decision to restrict somewhat theuse of foreign currencies in the country is of great concern, since thus far it’sbeen used freely in transactions and in businesses for consumption, savings orinvestment in local and foreign currency.

The Central Bank reported that in recent years has been toincrease the use of sales terminals designated for foreign currency to pay a varietyof suppliers of goods and services,

"In the interest of protecting the right to freechoice by cardholders and avoid unwanted pressures on the exchange rate, theCentral Bank instructed Acquirer Companies to remove of exclusive TPOS inforeign currency within no later than 90 days," the Central Bank says onits website.