Peso-Dollar rate allowed to float

JOHN J. · #1 10-08-2003, 03:08 PM

The article in DR1 dated Oct. 7th , “ALL DOLLAR TRANSACTIONS TO MARKET”, said that the peso-dollar rate will be allowed to float according to supply and damand. It further states that the government needs to buy dollars for its foreign service, military purchases, foreign debt and petroleum imports on the open market.

As of today October 8, 2003 has there been an immediate impact on the availability of dollars?

Obviously this will drive the exchange rate to an astronomical number.

Does anyone want to speculate as to what the exchange rate will be when the market reaches some kind of equilibrium?

Ken · #2 10-08-2003, 03:24 PM

The signs on the exchange banks on main street of Sosua are up about RD$1 since yesterday.

ricktoronto · #3 10-08-2003, 09:51 PM

Quote:

Originally posted by Ken
The signs on the exchange banks on main street of Sosua are up about RD$1 since yesterday.

I'm down in Boca Chica Saturday morning for 8 nights - what the rate for US$ cash? 33 or so?

ERICKXSON · #4 10-08-2003, 10:17 PM

I predict that the Dollar will Hit RD$50.00 before the end of the year get ready to bounce after Christmas since HELL WILL BRAKE LOOSE all over the Island and HIPPOLITO and his conglomarate of CHOPOS will be targetted (you fill in the blank)

<<<<>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

GET READY FOR THE SHOWDOWN THE DOMINICAN REPUBLIC AGAINST HIPPOLITO AND HIS CHOPOS THE BUBBLE IS ABOUT TO BURST AND HEADS ARE ABOUT TO ROLL OUT IN A MAJOR WAY

dale7 · #5 10-08-2003, 10:19 PM

Don't know about BC, Rick. But in San Jose was 34.30 today around noon. A few days ago was about 33RD. I know you are looking for specific answers that hopefully someone will fill you up on but rate has been rising slowly but steadily and I think will be around 35RD in BC on Saturday since usually a little lower in BC than other areas. Tell me how far I am when you are there Saturday

dale7(Howie)

mondongo · #6 10-08-2003, 11:12 PM

The DR$ was not "allowed" to float. The Central Bank had no choice (no money). A government can control the exchange rate in 2 ways: a) it can use foreign reserves to buy DR$, b) it can arm-twist and threaten businesses and the populace, which inevitably creates an economic metldown.

Mr Dumb-ass and his merry gaggle of retards have already exhuasted both options. So now brace yourselves...the fun is about to begin.

*****
*****
Upon further reflection, Hippo does have one last option before the real violence begins. He can sell whatever is left of DR's natural resources and public works projects to the IMF, Eximabnk, and the rest of the conspiratorial, extortionist, bottom-feeding evolutionary mutations.

Escott · #7 10-08-2003, 11:59 PM

"He can sell whatever is left of DR's natural resources and public works projects to the IMF, Eximabnk, and the rest of the conspiratorial, extortionist, bottom-feeding evolutionary mutations"

hahaha, it is all the "Other guys fault". They conspired to have the Dominicans borrow and steal more money than they can ever pay back! LOL

If your statement wasn't so comical I would cry!

Porfio_Rubirosa · #8 10-09-2003, 01:16 AM

Escott. The Dominican people are only responsible for the Hippo and his gang of crooks. Without the help of the IMF and other multilateral financial institutions, Hippo could only bankrupt the country today. With the credit extended by international banks essentially backed by the IMF, though, the government can steal money that will saddle generations with impoverishment and assure the unsustainability of a middle class for many years.

Using your logic, if you're a drug dealer and, after you bleed your client dry, you intentionally give the junky a terminal dose, then it's the junky's fault. Except that's not a perfect analogy because the terminal dose would actually be for the junky, his children and their children after you made them junkies too.

Mondongo is wrong about one thing, though. I wouldn't call the most successful thieves in Latin American history "retards".

Escott · #9 10-09-2003, 02:03 AM

Quote:

Originally posted by Porfio_Rubirosa
Escott. The Dominican people are only responsible for the Hippo and his gang of crooks. Without the help of the IMF and other multilateral financial institutions, Hippo could only bankrupt the country today. With the credit extended by international banks essentially backed by the IMF, though, the government can steal money that will saddle generations with impoverishment and assure the unsustainability of a middle class for many years.

Using your logic, if you're a drug dealer and, after you bleed your client dry, you intentionally give the junky a terminal dose, then it's the junky's fault. Except that's not a perfect analogy because the terminal dose would actually be for the junky, his children and their children after you made them junkies too.

Mondongo is wrong about one thing, though. I wouldn't call the most successful thieves in Latin American history "retards".

Oh comon, the DR went looking for the help. I honestly think that the IMF is going to get snookered by these "Dominican" crooks.

The analogy is way off base. The drug dealer is Hippo and company. He took the money and is taking more money. The People permit this ****. STUPID people!

Formosano2000 · #10 10-09-2003, 11:22 AM

Quote:

Originally posted by ricktoronto
I'm down in Boca Chica Saturday morning for 8 nights - what the rate for US$ cash? 33 or so?

At 10am, Nacional was buying US$ at RD$35.20 and not selling.

Banco BHD is buying at RD$35.

Things are only going to get more interesting. Won't surprise me if other international lenders follow IMF's foot step and withhold further loans.