NewsWhore
04-30-2010, 06:00 PM
The exchange rate tumbled yesterday by about 20 points in just one day, going from a quote of RD$36.85 to RD$36.63 to the US$1 on the exchange market. The fall came after the governor of the Central Bank, Hector Valdez Albizu, declared that there were no monetary or fiscal reasons to explain the increase in the dollar and that he would authorize the use of the hard currency reserves available to keep the exchange market stable if necessary. Valdez Albizu reported that the Central Bank has an excellent position of reserves to back up and movement that increases the cost of a dollar, and so he recommended that anyone who has dollars should not bet on further depreciation. The 20-point fall in the price of a dollar could increase over the next few hours after the US$750 million from the sovereign bonds enters the market. The US$750 million will strengthen even more the consolidated net reserves of the Central Bank.
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More... (http://www.dr1.com/index.html#2)