NewsWhore
01-20-2012, 05:40 PM
The Dominican Business Federation (FDC) has called on the Central Bank to continue intervening in the exchange market to prevent what it describes as speculation against the Dominican currency.
FDC president Ivan Garcia said that in a meeting with Central Bank executives, the Governor, Hector Valdez Albizu, guaranteed that action would be taken to maintain the current prices of basic products throughout 2012 and that inflation would be in single digits and lower than 2011.
"We have confidence in the Central Bank to stop the speculation against the Dominican peso," announced the Federation, while calling on the whole commercial import sector to stop buying dollars unless they needed them for immediate payments. The FDC spokesman said that if they followed this advice, demand for dollars in the commercial sector would be the least possible, and at the same time would discourage market speculators.
The FDC said that since the beginning of the year, the price of products like Alacta Plus and other baby milk formulas had gone up by 5%. Alacta Plus went from RD$995 to RD$1,050. They were also concerned about the increase in power cuts over the last few days resulting in the use of diesel for generators, which increases operating costs. They stated that, "Even 24-hour circuits have been suffering 8-12-hour outages. We thought that the specter of electricity cuts had disappeared from daily operations, but we were wrong."
www.hoy.com.do/economia/2012/1/19/410892/Apoya-BC-siga-interviniendo-en-el-mercado-de-divisas (http://www.hoy.com.do/economia/2012/1/19/410892/Apoya-BC-siga-interviniendo-en-el-mercado-de-divisas)
More... (http://www.dr1.com/index.html#2)
FDC president Ivan Garcia said that in a meeting with Central Bank executives, the Governor, Hector Valdez Albizu, guaranteed that action would be taken to maintain the current prices of basic products throughout 2012 and that inflation would be in single digits and lower than 2011.
"We have confidence in the Central Bank to stop the speculation against the Dominican peso," announced the Federation, while calling on the whole commercial import sector to stop buying dollars unless they needed them for immediate payments. The FDC spokesman said that if they followed this advice, demand for dollars in the commercial sector would be the least possible, and at the same time would discourage market speculators.
The FDC said that since the beginning of the year, the price of products like Alacta Plus and other baby milk formulas had gone up by 5%. Alacta Plus went from RD$995 to RD$1,050. They were also concerned about the increase in power cuts over the last few days resulting in the use of diesel for generators, which increases operating costs. They stated that, "Even 24-hour circuits have been suffering 8-12-hour outages. We thought that the specter of electricity cuts had disappeared from daily operations, but we were wrong."
www.hoy.com.do/economia/2012/1/19/410892/Apoya-BC-siga-interviniendo-en-el-mercado-de-divisas (http://www.hoy.com.do/economia/2012/1/19/410892/Apoya-BC-siga-interviniendo-en-el-mercado-de-divisas)
More... (http://www.dr1.com/index.html#2)