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Regions, Cities and Towns
Official Currency of the Dominican Republic is the Peso, which fluctuates
freely against the US Dollar and other foreign currencies. Paper
currency is printed in denominations of 5,10, 20, 50, 100, 500 and 1000
Peso notes. Coins are circulated in 1 and 5 Peso denominations (currently
both coins and paper are circulated to represent 5 pesos). In addition,
coins for denominations less than 1 peso are also circulated and minted,
but due to their value, are not always used by many business establishments.
Many supermarkets and other establishments either price their goods with
an even number or round off the bill at the cash register.
Some tourist establishments or street vendors may accept US Dollars or other currencies, but the US Dollar is not legal tender in the country. Shops, Supermarkets and any other kind of retail establishment will not accept any other currency than the Peso.
Currency exchange services are offered by most banks or private exchange houses (Casa de Cambio). While it is not difficult to find a money exchange counter or bank in the capital or tourist areas to convert your foreign currency into Pesos, keep in mind that the exchange rate may often be better with some of the private concerns, such as Vimenca.
To make matters convenient for tourists, the following foreign currencies are commonly bought or sold vs. the Dominican Peso: Canadian Dollars, Dutch Gilders, English Pounds, French Francs, German Marks, Spanish Pesetas, Swiss Francs and US Dollars. Most other currencies will be difficult to convert and may require a visit to the Banca de Reservas or Central Bank in order to do so.
As of June ~ 1999, The current exchange rate versus the US Dollar has been approximately in the 15.70 to 16.00 pesos per US $1 range. There is discussion within the financial community that the exchange rate will move towards RD$ 17 Dominican Pesos (or more) per US $ 1.00 by the year 2000.
The Central Bank of the Dominican Republic maintains responsibility for the printing and issuance of currency, and the regulation of the nation's banking ~ monetary system.
The country's monetary board, which is supervised by the Governor of the Central Bank, directly determines monetary and foreign exchange policies. In reality, a dual system of foreign exchange exists, whereby both private exchange and official exchange with the Central Bank takes place.
This Information has been prepared and
compiled by Mr. John Schroder. Mr. Schroder maintains an office in
Santo Domingo and in Panama. His firm provides assistance with
company incorporations in the Dominican
Republic, Offshore incorporations in other tax haven jurisdictions, Residency
in the Dominican Republic and Panama, Assistance with Banking and Investments,
Real Estate matters and company representation. To contact his firm, please