Money

Can anyone tell me the advantages or disadvantages of having a bank account in either pesos or dollars? We currently have a dollar account at Progresso bank but are wondering if the American dollar weakens, would we be better off if it was in pesos?

If the American dollar weakens?  against the peso?  Not likely, however, it doesn't hurt to have a peso and a dollar account.  Then you can transfer from one account to the other.  Keep in mind the transfer rate as it is not the same as what you can get at the cambios.  The American dollar is not likely to go down anytime soon, naturally, that is only my opinion.

The peso seems to lose value very slowly against the dollar, and rarely rises. When it does, it is by an even smaller amount.  The dollar, like all currencies, has a small inflation rate of around 2% annually, and the Dominican peso has a slightly higher inflation rate.

There might be an occasional advantage to have some money in pesos.

If there were not a small inflation rate, then economies would have booms and busts, which would be far worse. Absolutely stable money seems to be impossible, as there are always speculators.

The dollar weaken against the peso....not going to happen.  However if living here it may be beneficial to keep a small pesos account as well.  We keep both with 90% dollars and 10% or so in pesos.

Bob K

Hello Geneim

You can rest assured that there will be a strong US dollar for years to come. Not like the Canadian Dollar that is almost downgraded to a Peso and it is expected to go below the Mexican Peso in value. Not kidding here, the news and facts are out there  : )))))

Try not to convert everything into Dominican Pesos as the local currency every year is less worth in value. I tell you with property because when many Locals get paid, they do quite the opposite, they run to the bank and change as much as they can into US dollars and save it.

Cheers