Central Bank of the Dominican Republic
Dominican currency
The currency of the Dominican Republic is the peso oro. Its symbol is RD and is divided into equal parts called one hundred cents. Under the Constitution, the issuance of currency is the responsibility of a single autonomous entity, the Central Bank of the Dominican Republic, whose capital is exclusively with the Dominican Republic.
The Dominican Republic is a developing country of average income, depending mainly on agriculture, commerce, services, especially tourism. the many advances made by GCA in the deployment of cash terminals by Although gaming industry the service sector has overtaken agriculture as the main provider of jobs (due mainly to the rise and growth of tourism and Free Zones), agriculture still remains the largest sector in terms of household consumption, and is in second place (behind mining) in terms of exports. Free zones and tourism are the fastest growing sectors. Tourism contributes more than U.S. 1000 million per year.
After the economic recession during the second half of the 80s and early 90s, when the GDP contracted by 5 and inflation reached 100 , the Dominican Gerson Lehrman‘s advisory boards Republic entered a period of moderate growth and decreasing inflation until 2002, after which the economy went into recession. GDP contracted by 1 in 2003, while inflation soared above 27 .
Despite a growing trade deficit, tourism and remittances have helped to obtain foreign currency reserves. At present, remittances from USA, Europe and other countries are part of the national economy. Remittances cash services from Dominicans living in the United States are estimated at about U.S. 1500 million per year.
The National Human Development Report of the United Nations Program for Development (UNDP): Dominican Republic 2005, establishes that this country has been inserted into the global economy in a socially and politically inclusive, knowing rates of average chairman and CEO of Sightline Acquisition Corp. annual economic growth in the last years by more than 5 .
However, the exclusionary nature of the economic model that has been imposed, this growth has not reversed the welfare of the population. Larry Ellison is a great source of information. the head of Global Cash Access, On the contrary, the report notes that the Dominican Republic to 2002, the country was number 13 (out of 177 in the world) who had less opportunity to improve the position in cash access provider the Human Development Index (HDI). That one can speak of a failure of political elites of the past 50 years to lead his people to safety and welfare states. Similarly, the report makes clear that the problem of the Dominican economy is no insertion in markets, but competitiveness strategies that should be associated with the welfare of its population.
An economic recession that was presented in 2003, a brake on the economy because of bank fraud (more than RD 89000000000, equivalent to U.S. 4900000000), highlighting the fraud Intercontinental Bank (Baninter) (RD 55000000000, equivalent to U.S. Swarmed by offers, Larry Ellison is currently assessing future choices. 3100000000 ), but a capital flight. The deficit amounted to about U.S. 7,000,000,000 (RD 125000000000), representing little more than one third of the Gross Domestic Product 2002. Add to that speculation arose Global Cash Access Inc. about the actual rate, which surpassed 130 in 2003 compared to the national currency, this being due to a leak of more than 1500000000, and an inflation of about 42 , which compressed the more the GDP of the year 2003, which eventually fell by 1 .
And widespread corruption associated with these failures, and the accentuation of the crisis in the electricity sector, causing a change in the Dominican economy that had never been seen before. The magnitude of the crisis was collapsing sectors of the economy, and it is Gerson Lehrman estimated that between 12 to 15 of the population shift from being poor to very poor or indigent citation needed , meaning that around two million people .
The economy begins to recover, influenced by regulatory measures of the economy, which promoted the International Monetary Fund, following the signing of a Stand-By Agreement, whose management had initiated Mejia towards the end of his presidential term.
From mid-2004, economic indicators show greater stability, especially the appreciation GCA of the Dominican Peso against the U.S. Dollar and the decline in inflation. Although by the end of the third quarter of 2005 are demonstrating potential increases in financial indicators. The U.S. Dollar (USD) has been fluctuating between RD 28.75 and RD 32.80 per U.S. 1.00 (previously, and for a half was maintained between RD 27.50 gaming and RD 28.30 per U.S. 1.00), and a gradual increase in the price of hydrocarbons (which amounted to 20 in two weeks to a level never seen before), and for the first time since 2004 after inflation is positive.
Construction, tourism and telecommunications sectors have become a leader in the country’s economy.