Business DEPRECIATION - Rise in the dollar worries entrepreneurs; they...

DEPRECIATION – Rise in the dollar worries entrepreneurs; they say you have to pay attention

The executive vice president of the National Council of Private Enterprise (Conep), Cesar Dargam, said on Tuesday that the rise experienced by the dollar is an issue that has generated concern and attracted attention in all economic sectors of the country.

“In all the meetings we have had with the authorities we have discussed it, we have valued the decisions that the Central Bank has taken to maintain stability in the exchange rate. However, we understand that you have to pay attention to it, ”he explained during an interview on the Morning Focus program.

Dargam said that the entry of dollars into the country has been affected because the sectors that generate the most foreign currency, such as exports, tourism, foreign investment, and remittances, are all significantly impacted by the crisis generated by the Covid-19 pandemic.

He added that the measures to contain the crisis, especially those that have to do with the availability and stability of the dollar, are essential. He said that trust must also be maintained.

At the close of May 18 at the Central Bank (BCRD) the dollar was trading at RD $ 55.2247 for purchase and RD $ 55.3019 for sale. In other banks, on the other hand, today it exceeds RD $ 56 and RD $ 57, respectively.

Central Bank Report

Last Sunday the BCRD reported that the Dominican Republic is among the countries with the lowest depreciation of its registered currency from the end of December to May 13, 2020.

“The actions of the Central Bank have contributed to maintaining the flow of the North American currency in the economy in this adverse environment, with which the private sector, mainly the priority sectors (supermarkets, agribusiness, food in general, pharmaceuticals, health and energy) , have been able to operate without major setbacks, ”the entity said in a statement.

Ask for caution

At the same time, the central bank called on the private sector and the general public to act with prudence and patience, taking into account that the Dominican economy is not isolated from events that occur in the rest of the world.

“The Central Bank calls for confidence in the fundamentals of the Dominican economy and credibility in the Central Bank, which, as usual, remains vigilant in the face of events that could impact the achievement of its inflation target and the orderly behavior of the exchange market, making available all the necessary tools to keep anchored the expectations of economic agents and the general public, ”the note indicates.

The entity reaffirmed that it maintains its commitment to the Dominican people to foster a climate of certainty that is needed today more than ever to adapt the conditions that allow the country to overcome this adverse and unfortunate situation that humanity is experiencing.

“Confident that once we overcome this health crisis, we will be able to continue betting on the growth path of the Dominican economy in an environment of macroeconomic stability,” the statement said.

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