NewsWhore
08-05-2008, 04:40 PM
Hacienda Minister Vicente Bengoa believes that the dollarization of the Dominican economy is a distinct possibility. The minister, speaking to reporters after a meeting at Congress, explained that the Dominican economy is practically dollarized. "Everyone thinks in dollars," Bengoa said. He explained that when someone goes to buy an apartment, the sale and the contract are calculated in dollars, as is the sale of cars or the import/export of goods and services. The Minister said that contracts are based on dollars. "Considering this, I would imagine the only thing left is for the dollar to circulate as legal tender instead of the peso." Bengoa's comments aren't far from truth as some establishments have already begun to mark their items with US dollar prices and accept dollars for the purchase of these items. However, for full dollarization, the Constitution would have to be reformed.
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More... (http://www.dr1.com/index.html#6)