Bad news

[Don Tomas]

Just reposting what I read on DR1...

Dropping
--------------------------------------------------------------------------------
Quote:
Originally Posted by windeguy
29.0 Jan 26, 2005 Western Union, Sosua

Yesterday 29.25, then 29, and today 28.75 in POP and it's supposed to be dropping futher, I'm told.

[Jimmydr]

Later in the year, reps from Western Union, Trojan and the I.S.O.C. will meet with the President to agree to get the peso back to 39.

[gdogg]

This fucking BLOWS!!

[psriches]

28.40 this morning at Judy's

[Don Tomas]

28.40 this morning at Judy's

Ouch sounds like confirmation to me.

BTW Yahoo is at 27.40

[Willie]

http://www.agentedecambioboya.com/tasas_cambio.asp

Willie

[Don Tomas]

http://www.agentedecambioboya.com/tasas_cambio.asp

Willie

Official Site

http://www.bancentral.gov.do/estadis...cado_Cambiario

28.84

[Willie]

The weakning dollar not only impacts us "tourists" but also the many Dominicans who depend on remittances from the US whether in the form of Social Security payments or funds sent by relatives.

If some adjustments are not made soon there are going to be many angry people.

Willie

[gdogg]

If some adjustments are not made soon there are going to be many angry people.

Willie

...and some non-visiting people!

[Black Ghost]

If some adjustments are not made soon there are going to be many angry people.

Willie

...and some non-visiting people!

Hi Hoe..Hi Hoe..It's off 2 Brazil we GO!!!!!! 8)

[Willie]

Could some of the more financially savvy among us give some input as to the possible impact of the IMF on exchange rates?

Willie

[cremaconpalo]

From DR1 today:

DR braces for IMF
The forthcoming stand-by agreement with the IMF will help the Dominican Republic's recovery from the economic debacle created by the last administration's inept handling of most macro-economic mechanisms. Banking supervision, monetary emission, sovereign bonds, and, of course, an enormous banking scandal, led to serious problems across the national economy. Now, according to the Listin Diario, the IMF stand-by agreement, part II, will increase the price of propane gas, fuel and electricity. On the plus side, economic stability stemming from increased tax collections and a stricter supervision of banking institutions will shore up confidence on the international currency markets. The peso is expected to remain more stable, prices will be more in line with the real costs and the economy's overall performance should improve. The IMF agreement will last for 28 months and the country will receive hundreds of millions of dollars in investment money. Disbursements for US$670 million are imminent, and the government will have to cut "just"RD$790 million from its public spending programs. Government economic spokesman, Juan Temistocles Montas, told reporters that the IMF board would be looking at the final wording of the agreement on Monday, and a positive vote is expected. Accompaning Montas at the press conference were Hector Valdez Albizu, Julio Ortega Tours, and Rafael Camilo.

...tisk tisk...still trying to "make a purse out of a sow's ear"!...

[domfan]

a basic problem - a part of the widespread corruption - is tax evasion: small private owned business rarely pay the ITBIS (taxes on sales). and it is very difficult to enforce. another thing: the last government increased the level of salaries that are free of income tax. i am right now not sure, but i think its about 12.000 a month. means, that no 'normal' employee pays income tax. a decent secretary gets about 7.000 - 12.000 pesos, a waiter 4.900 (now the minimum salary). so guess, where does the government get money from? interesting: that thing was momentarlily widely welcomed by the population, but did not help the reelection of the then president.