He president Luis Abinader He assured this Monday that the dominican economy maintains “a abundance of dollars“Thanks to the increase in tourism, remittances and exports, and hopes that the exchange rate will stabilize despite the variations.
During his LA Weekly meeting with the Press, Abinader He recalled that when he came to power, in 2020, the dollar was trading at 59 to one and that since then the country has registered “the lower level of devaluation of the last five years.” This was said after being asked why the dollar remains at 63 to one despite the reduction in the interest rate applied by the US Federal Reserve.
“It is natural that this is accompanied and also reflects some of the actions of the monetary policy“said the president, who added that he hopes the reduction of interest rates on the part of the Federal Reserve of the United States (Fed) which could contribute to maintaining the stability would change.
“Abundance of dollars“
The head of state highlighted that despite this panorama, the results of the remittances and other sectors are positive. “We have seen the results of the remittances(there are) more dollars than ever,” he said.
He pointed out that tourism continues to grow and has reached more than 11 and a half million visitors, while highlighting the increase in exports from free zones, gold, traditional exports, he pointed out that, even in the case of cocoa and coffee, they have also developed with good prices.
- “There is an abundance of dollarsbut this is also an open economy that has situations, has a peak and then stabilizes as we hope it will stabilize,” concluded the president.
