Leonel Castellanos Duarte
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SANTO DOMINGO.- The president of the National Association of Companies and Industries of Herrera (ANEIH), warned of the risk of creating a crisis of great proportions unthinkable given the low availability of the dollar and the accelerated rise in the exchange rate.
Leonel Castellanos Duarte, president of Aneih, said that economic agents continue to face serious difficulties in finding foreign exchange in sufficient quantity for their commercial transactions, in the framework of a devaluation that has already 15 consecutive weeks accelerating its rate of devaluation.
He added that the official rate of the Central Bank (BCRD) is currently at RD $ 55.66, exceeding the US $ rate that was projected in the 2020 budget for the end of the year of RD $ 55.49, and what is worse, he specified- when the foreign currency is obtained, it is at a cost well above RD $ 58.50 per dollar.
“Hence, we believe that the Central Bank must urgently intervene in the foreign exchange market by injecting dollars into the economy as on previous occasions, although with the exception that due to the irregular situation that the country’s economy is developing, caused by the decrease in the income of tourism currencies, remittances and free zones, institutional control mechanisms are established so that the currency reaches the importing sectors of the economy that, like industry and commerce, truly need and demand foreign currency for the purchase of their material premium and meet their obligations, “said Castellanos Duarte.
He considered that the Central Bank should send a clear signal of confidence and tranquility to the market, avoiding at the same time that a speculative sector in the economy generates greater nervousness, creating scarcity and devaluation of the currency. “
In this line of thought, the business leader suggested that the scope of the Central Bank’s Electronic Currency Trading Platform encompass the participation of duly identified productive and importing sectors, so that with the intermediation of the financial sector, They can request their currency needs through it, and in this way avoid a speculative market with foreign currency.
JPM / of-am
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