NewsWhore
06-08-2010, 02:30 PM
Economist Henri Hebrard says that the decline of the Euro is already having serious implications in the DR, especially in regards to profitability for hotels with bookings contracted in euros and regarding remittances. Southwest provinces, from where thousands have migrated to Europe, are among the most affected by the estimated 30% decline in value of the Euro compared to the US dollar, he said as reported in Diario Libre.
Since last year, the Euro has declined from US$1.60 to US$1.20. The DR receives approximately US$3 billion in remittances, but of this US$600-US$700 million comes from Europe, primarily from Spain and Italy. This means that Dominican families will receive an estimated RD$5 to 7 billion less this year.
In the DR, last year the Euro was at RD$55 to the euro. It has now declined to below RD$44 to EUR1.
Hebrard forecast this is just the beginning of the decline.
More... (http://www.dr1.com/index.html#5)
Since last year, the Euro has declined from US$1.60 to US$1.20. The DR receives approximately US$3 billion in remittances, but of this US$600-US$700 million comes from Europe, primarily from Spain and Italy. This means that Dominican families will receive an estimated RD$5 to 7 billion less this year.
In the DR, last year the Euro was at RD$55 to the euro. It has now declined to below RD$44 to EUR1.
Hebrard forecast this is just the beginning of the decline.
More... (http://www.dr1.com/index.html#5)