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barbmekong |
Are American money and Traveler checks widely used in Dominican Republic? |
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cremedelacreme04
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G'day Barbmekong,
Thank you for your question.
The US dollar is widely used in the Dominican Republic.
The United States dollar is used as a reserve currency by the Dominican Central Bank. Also, when convened by both parties, both U.S. dollars and the Euro can be used in private transactions (this applies mostly in tourism-related activities). This was most true during the drastic inflational period of 2003-2004, locally referred as El Huracán MejÃa (The Hurricane MejÃa). The name came from the current President at the time, Hipólito MejÃa.
Historically, since the first monetary emission in 1948, the peso was worth about the same as a [United States Dollar|United States Dollar (U.S. dollar)].
During the 1980’s and 1990’s the exchange rate for U.S. dollar vs Dominican peso was as follows:
1984 $US 1 to RD$ 1.25
1993 $US 1 to RD$ 14.00
1998 $US 1 to RD$ 16.00
2002 $US 1 to RD$ 20.00
2006 $US 1 to RD$ 32.00
In 2003 the peso dramatically plummeted; a single US dollar was worth almost RD$57.00.
Since 2004 the peso has reached a more manageable rate of 29–34 pesos to 1 U.S. dollar. As of December 2005, there were some 39 pesos to the euro, or around 33 to the U.S. dollar.
As of August 29, 2006, the rate was
1 USD = RD$ 32.
I have attached some sources for our reference.
Regards |
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robert r
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yes they love american money.. if you get into real world and not the tourist traps.. your lucky if they can change a $20 |
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Nikki
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US money OK- Traveler's checks I wouldn't recommend |
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broncosnumber30
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they LOVE U.S. money. that is all we used when we went down there |
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princessachula5
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mostly american money is accepted in tourist spots, thats it |
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sapphire
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US dollars yes, I don't reccommend travellers checks, they are not very widely used any more. Bring a credit card for back up! |
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GG
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yes they are! |
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