Santo Domingo’s Central Bank ForEx reserves down by US$600 million

It seems funny, but Diario Libre seems to be implying that the Central Bank is playing on the exchange markets. According to their report, the Central Bank (BC) Gross International Reserves have fallen by US$194.4 million, going from US$4.167 billion to US$3.973 billion in the period between 30 June and 12 August of this year, a 1.89% decrease.

(FILE IMAGE) Likewise, the Net Reserves fell US$187.2 million, going from US$3.841 billion to US$3.654 billion, for a 5.1% fall in the same period. According to the Central Bank's International Department director, Frank Fuentes, the reduction of both variables is the result of the net hard currency operations (buying and selling) by the Central Bank on the local market.

(FILE IMAGE) Likewise, the Net Reserves fell US$187.2 million, going from US$3.841 billion to US$3.654 billion, for a 5.1% fall in the same period. According to the Central Bank’s International Department director, Frank Fuentes, the reduction of both variables is the result of the net hard currency operations (buying and selling) by the Central Bank on the local market.

In the first half of the year there was an increase of around US$600 million in the Gross and Net reserves, but then between May and July there was a decrease of over US$600 million in both variables. According to the figures the Central Bank publishes on its webpage, the Net Reserves in May were US$4.067 billion, but by the 31 July, they had fallen to US$3.453 billion, a fall of US$613 million or 18%.

Meanwhile, the Gross Reserves, which are the official asset reserves in dollars, totaled US$4.391 billion in May, but on 31 July they had fallen to US$3.772 billion for a difference of US$619 million, or 16.4%. During the first half of the year, the Gross Reserves totaled US$4.167 billion, while the Net Reserves were US$4.814 billion, an increase of US$609.3 million and US$631.6 million respectively

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