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‘Hijacked’ dollars roil Dominican Republic businesses

Santo Domingo.- Several business leaders on Tuesday complained of a scarcity of dollars in Dominican Republic’s exchange market for users who require large amounts to carry  out their productive activities.

Outlet reports that several poultry and pork producers expressed concern over failing to make dollar payments to international of chicken and pig feed suppliers.

In that regard, Dominican Agribusiness Board (JAD) president Wilfredo Cabrera said the availability of dollars in the local exchange market is limited, affecting production in various businesses that require imported raw materials. “The country’s productive sector that need to buy dollars every week to meet commitments on commodities, either corn, soy or fat, have seen the dollar situation with great concern as they’ve become very scarce.”

He said there are producers who request an amount to meet a commitment to import and takes as long as more than a month to obtain them in many cases. “We don’t understand what’s going on, but I think there’s a hijacking of dollars and therefore brings despair to the productive sector, which is demanding dollars, and nobody tells us what is really happening. When we make the request to banks all they say is that they haven’t any available.”

Moreover, poultry producers Miguel Lajara and Ambiorix Cabrera also demand the authorities explain why there’s a dollar shortage in the market.

“To pay a bill of around one million dollars, you have to wait, with installments of US$100,000, between ten and fifteen days to be able to pay,” Lajara said.

Source: DT

Sep 9, 2016

Category: DR News |

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Last updated March 23, 2017 at 1:16 AM
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