NewsWhore
02-28-2012, 04:10 PM
Central Bank Governor Hector Valdez Albizu has pledged that exchange rates in the country would be stable before and after the elections. He expressed regret at what he described as attempts to alarm the country because the exchange rate has risen three cents.
For the exchange rate fluctuations, see http://www.bancentral.gov.do/tasas_cambio/TAC4009_BC_2012.pdf
He said that there was no reason to get upset or excited about three cents in a country where some US$15 billion is in circulation. "There is no reason to be alarmed, there are no monetary reasons, there are no fiscal reasons and besides that the Central Bank can handle this situation perfectly," he said. According to Valdez Albizu, this situation comes about because every three month merchandise is renewed, what was bought in December is paid off and new lines of credit are taken out, so that the announcement of price increases for some products is not right.
"The people can rest easy, and whatever traders are saying, this cannot be influencing prices. This is a slight appreciation, creating unnecessary expectations," concluded Valdez Albizu.
Yesterday the leaders of the Dominican Traders Federation attributed the increases in the prices of primary foodstuffs "to the increase in the cost of a dollar." The federation members gave the example of imported products that have begun to go up in price such as Milex powdered milk, which went from RD$850 to RD$1000, Alacta Plus, from RD$900 to RD$1,200, and Nido Growth that went from RD$860 to RD$1,000. They noted that these increases in the prices of milk products could be attributed to the increases in the cost of a dollar because the international prices of this foodstuff have been stable.
More... (http://www.dr1.com/index.html#5)
For the exchange rate fluctuations, see http://www.bancentral.gov.do/tasas_cambio/TAC4009_BC_2012.pdf
He said that there was no reason to get upset or excited about three cents in a country where some US$15 billion is in circulation. "There is no reason to be alarmed, there are no monetary reasons, there are no fiscal reasons and besides that the Central Bank can handle this situation perfectly," he said. According to Valdez Albizu, this situation comes about because every three month merchandise is renewed, what was bought in December is paid off and new lines of credit are taken out, so that the announcement of price increases for some products is not right.
"The people can rest easy, and whatever traders are saying, this cannot be influencing prices. This is a slight appreciation, creating unnecessary expectations," concluded Valdez Albizu.
Yesterday the leaders of the Dominican Traders Federation attributed the increases in the prices of primary foodstuffs "to the increase in the cost of a dollar." The federation members gave the example of imported products that have begun to go up in price such as Milex powdered milk, which went from RD$850 to RD$1000, Alacta Plus, from RD$900 to RD$1,200, and Nido Growth that went from RD$860 to RD$1,000. They noted that these increases in the prices of milk products could be attributed to the increases in the cost of a dollar because the international prices of this foodstuff have been stable.
More... (http://www.dr1.com/index.html#5)