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Central Bank will inject US$275 million to meet business hard currency demand

The governor of the Central Bank Héctor Valdez Albizu, after meeting with business sector representatives, announced reserves up to US$200 million will be made available to supply the hard currency needs of the business sector. He said an additional US$75 million would be available for future currency operations for companies with 30-45 forwards commitments.

Valdez Albizu said that last year more than US$21.5 billion in hard currency was transacted in the financial sector. He highlighted that in 2016 the Central Bank surpassed the US$6 billion barrier for the first time in Dominican economic history. He said more than US$100 million a day is being transacted by Dominican commercial banks.

He said that the financial entities have RD$30 billion in overnight deposits at the Central Bank, which provides space so that the injection of reserve dollars into the market does not affect cash flow volumes or interest rate levels.

Valdez Albizu announced plans for an online hard currency platform whereby the Central Bank can be more effective in managing its exchange policy and making more timely interventions in the Dominican market when there is an imbalance between the supply and demand of foreign exchange.

Source: DR1, Metrord

Mar 16, 2017

Category: DR News |

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Last updated December 18, 2017 at 4:32 PM
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