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Where have all the dollars gone?

The Association of Herrera and Santo Domingo Province Industries (AEIH) has asked the authorities to investigate who is hoarding dollars and provoking a lack of the currency circulating in the Dominican Republic.

Antonio Taveras Guzman, president of AEIH, said that he has received complaints of the difficulty in obtaining dollars needed by the industries to buy inventory and comply with international agreements.

Taveras said the scarcity of US dollars cannot be justified, given that the Central Bank reported that US$22.34 billion in foreign currency had entered into the country in 2014 and just over US$23 billion in 2015.

He added that in the first quarter of this year the amount of dollars entering the country increased by US$301.7 million. Taveras mentioned that income from tourism had also increased in the first three months of this year going from US$1.66 billion to US$1.79 billion, a 7.6% increase. Remittances had also increased in the first trimester by 7.4% to US$1.29 billion.

Taveras insisted that other factors are distorting the dollar market and AEIH has demanded an explanation from the government.

Source: Dr1, Almomento

July 6, 2016

Category: DR News |

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Last updated December 5, 2016 at 5:41 PM
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