About Money and Currency of the Dominican Republic
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INDEX
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Money & Currency of 
The Dominican Republic
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Geography, Size  
Climate and Location Where is the Dominican  
Republic ~ How many  
People live there ~  
What is the country like?  
  

History and Culture  
Learn about Domincan  
History ~ Some facts and interesting things about 
the country's history ~ 
Did you know that 
Santo Domingo was 
the first European 
Settlement in the New 
World? 
  

Government & Politics  
Structure of the  
Government ~ The  
Legislature and other branches of the  
government 
 

The Legal System &  
Dominican Courts 
A review of the nation's 
legal and courts system 
 

The Economy of  
The Dominican  
Republic 
Information about the 
economy ~ Industries 
and growth sectors 
 

Trade, Imports, Exports and Duty  
Information 
A quick reference guide 
regarding Imports & Exports information 
 

About Free Zone  
Manufacturing 
Some general information about setting up operations in one of the duty free trade or manufacturing zones 
 

The Regions, Cities and Towns 
A listing of the regions, cities and different towns in the country 

The 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 click below: 
 
 

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