Don Tomas
11-10-2004, 02:19 PM
What's the real worth of the peso?
Johnny Bernal, former president of the National Hotel & Restaurant Association, said that the present levels of the US dollar, currently at a rate of less than RD$30 to US$1, are affecting the competitiveness of the tourism sector. Furthermore, Freddy Ortiz, the president of the
Association of Remittance Companies (Aderedi), in the same interview with Diario Libre said that the appreciation of the peso is due to the lack of money in circulation, a factor that he says has contributed to a reduced demand for dollars.
Both Bernal and Ortiz believe that the present rate is affecting the ability to compete of those who generate hard currency.
Ortiz called on the monetary authorities to determine the optimal rate and take measures to have the dollar transacted at a competitive price.
He commented that Central Bank Governor Hector Valdez Albizu had stated that an ideal exchange rate would be between RD$35 and RD$38 to the US dollar.
Johnny Bernal, former president of the National Hotel & Restaurant Association, said that the present levels of the US dollar, currently at a rate of less than RD$30 to US$1, are affecting the competitiveness of the tourism sector. Furthermore, Freddy Ortiz, the president of the
Association of Remittance Companies (Aderedi), in the same interview with Diario Libre said that the appreciation of the peso is due to the lack of money in circulation, a factor that he says has contributed to a reduced demand for dollars.
Both Bernal and Ortiz believe that the present rate is affecting the ability to compete of those who generate hard currency.
Ortiz called on the monetary authorities to determine the optimal rate and take measures to have the dollar transacted at a competitive price.
He commented that Central Bank Governor Hector Valdez Albizu had stated that an ideal exchange rate would be between RD$35 and RD$38 to the US dollar.