Closing value of the dollar in the Dominican Republic this November 3 from USD to DOP

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The Central Bank of the Dominican Republic has called to avoid a disproportionate increase in the price of the dollar. (Infobae)
The Central Bank of the Dominican Republic has called to avoid a disproportionate increase in the price of the dollar. (Infobae)

He American dollar was paid at closing to 56.66 Dominican pesos on averagewhich represented a change of 0.11% compared to the 56.60 Dominican pesos on average from the previous session.

Taking into account the last week, the American dollar registers a drop in 0.11%; but in the last year he still accumulates a promotion of 1.18%.

Regarding the changes of this day with respect to past days, there were variable results that prevent us from calculating a clear direction. The volatility referring to the last week presented a behavior slightly higher than the volatility reflected in the data from the last year, which indicates that it is presenting a more unstable behavior.

He Dominican peso is the official currency of the Dominican Republic It is abbreviated as DOP and its creation dates back to 1971 after the breakup of the gold standard. At first it was called “gold peso” or “Dominican gold peso”.

In 2010, a modification was made to the Constitution to define that “The national monetary unit is the Dominican Peso”; After that, in 2017, a gradual replacement of the bills and coins with the old inscriptions of Dominican pesos began.

The banknotes that are currently in circulation are 50, 100, 200, 500, 1,000 and 2,000 pesos oros. The 5 and 10 peso bills stopped circulating and were replaced by coins of 5,10 and 25 pesos respectively. Meanwhile, the 500 and 2,000 peso gold bills were issued on the occasion of the 500th anniversary of the discovery of America and the arrival of the new millennium.

It should be noted that all the bills carry the phrase: “This bill has liberating force for the payment of all public or private obligations.”

In the economic fieldthe Dominican Republic presented a solid performance in 2022 that has been clouded by low income growth due to an increase in prices due to the inflationwhich shot outside the Central Bank's target range.

This situation also caused a fiscal deficit due to unexpected subsidies to counter price increases, while the conflict in Europe also influenced, since the Dominican Republic is a net importer of oil, natural gas, soybeans, sorghum, wheat and corn.

According to the latest forecasts made by the Economic Commission for Latin America and the Caribbean (ECLAC), after there was progress in 2022 following the crisis due to the coronavirus pandemic, By 2023, a decline or exhaustion of the rebound effect is expected in recovery.

In it specific case of the Dominican Republicit is expected that in 2023 the country will maintain its good growth and achieve the Gross Domestic Product (GDP) to reach 4.7 percent.

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