Dollar continues to gain ground against the Dominican peso today, May 9

Dollar continues to gain ground against the Dominican peso today, May 9
Dollar continues to gain ground against the Dominican peso today, May 9

The US dollar has strengthened amid international geopolitical tensions (Illustrative Image Infobae)

The US currency continues to gain ground against the Dominican peso amid international geopolitical tensions and the outlook for interest rates in the United States.

The US dollar stabilized this week following losses recorded last week. Analysts considered that one of the reasons for these movements in the greenback is due to the opposition by members of the Federal Reserve to cutting interest rates this year.

He American dollar is traded at the beginning of the session 57.94 Dominican pesos on averagewhich represented a change of 0.33% compared to 57.75 pesos the previous day.

Taking into account the last seven days, the American dollar marks a rise in 0.24%so that in year-on-year terms it still maintains an increase in 3.03%.

Compared to previous days, there are three successive sessions in positive numbers. The volatility of the last seven days presents a balance visibly lower than the volatility reflected in the data of the last year, which indicates that its price is presenting less variations than indicated by the general trend in recent days.

The Macroeconomic Panorama report carried out by teams from the ministries of Economy, Finance and the Central Bank predicts that by 2024 both closing and average inflation will be 4 percent. Nominal Gross Domestic Product (GDP) growth is expected to be 8.94 percent.

The same document indicates that for this year an expansion of real GDP of between 4.50% to 5.00% is expected, with a central projection of 4.75 percent.

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.

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