In the first two months of 2022, the average price of the dollar in the Dominican Republic it has lost almost three pesos, in an environment marked by inflation above what is projected by the authorities and a war in Eastern Europe.
The US currency went from an average sale in the spot market, last January, of RD$57.83 to RD$54.99 on the first day of March, representing a decrease of RD$2.84, equivalent to a revaluation of the peso of 4.9%, according to the records of the central bank Dominican (BCRD).
The fall in the value of the currency against the peso could benefit citizens who seek to shelter their savings in currency, which for the economist and professor Francisco Tavárez would be a good option.
Asked if it is a good time for the population to go to the dollarTavárez pointed out: “I think currently yes, because you buy cheaper, and I don’t think that with the pressure of imports that will be maintained for a long time.”
From an average selling price in the spot market of RD$57.83 last January, the currency fell to RD$56.78 the following month, losing RD$1.05 in that period, according to BCRD records.
But the fall in the value of dollar versus weight is due to several factors. The economist explained that the expansionist monetary policy carried out by the United States caused its currency to depreciate.
“In addition, the flow of foreign exchange in the four main sources had a very positive performance in 2021, especially remittances and tourism. Lastly, it may be central bank The market is intervening, injecting dollars as a measure to lower the price of imports: fuels, agricultural inputs, among others,” he explained.
The expert considered that the injection of dollars into the market is the most feasible, due to the historical amount of the country’s international reserves amounting to more than US$14,849 million, above the parameters of 10% of gross domestic product (GDP) and three months of imports.