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Dominican Republic peso tops 40 X dollar psychological barrier

Santo Domingo.-  Since last week the dollar began inching upward and topped the psychological barrier of 40 pesos in the Dominican Electronic Market (MED) on Thursday, reaching RD$40.05 before closing at RD$39.99 to one.

Since yesterday morning, some banks started buying the U.S. currency for up to RD$39.45, and sell as high as 40 to one, while the euro also climbed slightly as some banks paid as high as RD$51.20  and sold it for as much as RD$52.30.

The higher exchange rates began after the Senate first approved the tax package, and as some companies began laying off staff, citing cost-cutting measures in the wake of higher taxes and the uncertainty in free zone companies.

Category: DR News |

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Last updated October 22, 2016 at 2:00 PM
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