Dominican peso closed the day of June 24 with losses against the dollar

Dominican peso closed the day of June 24 with losses against the dollar
Dominican peso closed the day of June 24 with losses against the dollar

Dollar in the Dominican Republic (Reuters)

Bad end to the day for him weight in Dominican Republic that failed to maintain the stable trend with which it began the day and ended the session on June 24 trading slightly downward compared to the dollar. The US currency gained ground against the Dominican currency at the close of markets this Monday.

He American dollar was paid at closing to 58.86 Dominican pesos on averagewhich represented a change of 0.14% when compared to the 58.78 pesos of the previous session.

If we consider the data from the last week, the American dollar accumulates a decrease in 0.07%%; Despite this, in the last year it still accumulates an increase in 4.16%.

With respect to past days, he chained two consecutive dates in green. The volatility of the last seven days presented a balance visibly lower than the volatility reflected in the data of the last year, so its price is presenting less alterations than expected recently.

The Macroeconomic Panorama report carried out by teams from the ministries of Economy, Finance and the Central Bank predicts that for this year 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.”

Regarding the economythe 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 counteract 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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