Economy September 20, 2016 | 12:15 pm

About face: Industries support ban on dollar-only charges

Santo Domingo.- Dominican Republic Industry Association (AIRD)president Campos de Moya on Tuesday rolled back the sector’s critique againstthe Central Bank’s ban on the use of veriphones for transactions only indollars, and now state their support.

"I have to admit I made a mistake a couple of days agowhen I referred to the subject. I think the Central Bank is absolutely rightand, what’s more, I think the system was being abused. I understand that therewere foreign citizens who came to Dominican Republic to withdraw cash in hardcurrency to repatriate to their countries. I think the Central Bank has actedproperly and in compliance with the law," de Moya said.

He reiterated that the AIRD agrees with the measure, afterthe explanations by the monetary authorities in a statement.

De Moya spoke after a meeting of AIRD executives with Laborminister José Ramón Fadul, where they stated sector’s main concerns regarding employmentissues.

The Central Bank said its ban aims to protecting the interestsand rights to free choice by cardholders and avert unwanted pressures on theexchange rate.

The ban also provides a 90 day deadline to companies to removethe devises which charge exclusively in foreign currency, mostly dollars.

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