More on foreign exchange
According to Central Bank statistics, the average exchange rates for the purchase and sale of US dollars has decreased over 61% and 60% respectively, during the past 15 months, since May 2004. A report in El Caribe states that at the end of the election month last year, the average rates of the US currency at commercial banks were RD$47.20 for purchase and RD$47.94 for sale whereas at the end of August 2005 they were RD$29.01 and RD$29.19, representing a drop in the purchase rate of RD$18.19 (61.46%) and in the sales rate of RD$18.75 (60.88%). The average rates for purchase and sale at exchange agents were RD$47.44 and RD$47.92 whereas at the end of August 2005 they were RD$29.07 and RD$29.14, representing a drop in the purchase and sales rates of RD$18.37 (61.28%) and RD$18.78 (60.18%), respectively. Yesterday, the Press Director of the Presidential Palace, Rafael Nunez, said that the exchange rate would not change due to unrest of the exchange market and stated that President Fernandez's economic policy is towards stability and the maintenance of the value of the Dominican currency with regards to the US dollar. For the past 15 months the stability of the exchange rate has kept variations at less than RD$1.00. Listin Diario reports that yesterday commercial banks continued to offer the US dollar at RD$30 to US$1.00, whereas some exchange agents were selling at RD$29.85. Last week the exchange rate crossed the RD$29.00 barrier after a period of stability of several months. The unrest generated by the unexpected increase in the exchange rate caused the government to guarantee its stability. According to Clave Digital, Central Bank authorities are ready to send a considerable amount of the US currency to the exchange market in case it continues to increase in price. Rafael Nunez assured economic sectors that they should not worry.
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