Marranzini on dollarization

[NewsWhore]

Celso Marranzini, former president of the National Business Council (CONEP) backs the dollarization of the Dominican economy. California-based Dominican economist Victor Canto is a strong advocate of dollarization. Marranzini says dollarization would limit the Monetary Board's discretional control. "We would save a lot on the enormous salaries of the Monetary Board," said Marranzini. Marranzini also argued that the country's inflation and interest rates would be that of the US, and there would no longer be fears of devaluation. He also argued that Dominicans are already familiar with the dollar as a currency. Not all have jumped on the dollarization bandwagon, though. Porfirio Garcia Fernandez, former UASD Dean, has rejected saying the country is not ready for dollarization because the country does not have sufficient international reserves.

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