US dollar drops 40 points in Dominican Republic
Santo Domingo.- After the dollar reached its highest price of last year on August 10, when it was sold at RD$58.49 per US$1, its rate in the Dominican spot market has stabilized and was down 40 points on Monday.
The US currency was offered at RD$58.09 per dollar Tuesday, according to the official rate of the Central Bank, a fall that accelerated during the last month of 2021. From January 8 to the same day in February, the sale of the currency fell 32 points.
Two factors likely influence the dollar’s decline: the increase in the Central Bank’s international reserves and the fall in imports, which is taking pressure off the exchange market, according to the economist and professor Antonio Ciriaco.
Ciriaco said the increase in remittances into the country, which last year totaled US$8.2 billion, could also be influencing the drop in the exchange rate.