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For many travelers, familiarizing themselves with the currency of a destination is one of the most important steps before visiting. Knowing the exchange rate and the value of the money can save a lot of hassle and confusion while abroad.
The Dominican Republic is one of the most popular tourist destinations in the Caribbean, and its currency is the Dominican Peso. The Dominican Peso is divided into 100 centavos, and the symbol is RD$. In this article, we will explore the history of the Dominican Peso, the current exchange rate, and the coins and notes in circulation.
History of Dominican Peso
The Dominican Peso was first introduced in 1937, when the Dominican Republic was transitioning from a US-backed dictatorship to a democracy. The Peso replaced the Dominican Republic Peso, which was used from 1905-1937. The original Peso was issued by the Dominican Republic’s Central Bank, and was pegged to the US Dollar.
In 1947, the Dominican Republic was granted independence, and the Peso was revalued and pegged to the Cuban Peso. This lasted until the late 1970s, when the Dominican Republic began to devalue the Peso. In the 1980s, the Dominican government began to issue the Dominican Peso as a free-floating currency.
Current Exchange Rate
The current exchange rate of the Dominican Peso is RD$51.58 to US$1. This rate is subject to change, so it is important to keep an eye on the rate before visiting the Dominican Republic. The exchange rate is fixed, and the Dominican Republic does not have a floating exchange rate.
Furthermore, the Dominican Republic does not have a central exchange rate, so the exchange rate between banks and money changers may vary. It is important to shop around for the best rate before exchanging currency.
Coins and Notes
The Dominican Republic issues coins in denominations of 1, 5, 10, 25, and 50 centavos, as well as 1 and 5 Pesos. The coins all feature the image of Juan Pablo Duarte, the founder of the Dominican Republic.
The Dominican Republic also issues notes in denominations of 10, 20, 50, 100, 200, 500, and 1,000 Pesos. The notes all feature images of prominent figures in Dominican history, such as Juan Pablo Duarte, as well as landmarks and other symbols of the Dominican Republic.
ATMs and Credit Cards
ATMs and credit cards are widely accepted in the Dominican Republic. Credit cards and debit cards can be used to withdraw cash from ATMs, and most major banks have ATMs in major cities and tourist destinations.
It is important to note that credit card fraud is common in the Dominican Republic, so it is important to use caution when using credit cards and ATMs. Furthermore, many ATMs and merchants will charge a fee for using credit cards, so it is important to check for these fees before using a credit card.
Currency Exchange
Currency exchange is available in the Dominican Republic, and there are several banks and money changers that offer services. It is important to shop around before exchanging currency, as some banks will offer better rates than others.
It is also important to note that many money changers will not accept US Dollars that are more than 15 years old, so it is best to bring newer bills if possible. Furthermore, it is important to check the bills for any signs of damage or wear, as some money changers will not accept bills that are torn or faded.
Conclusion
The Dominican Peso is the currency of the Dominican Republic, and it is divided into 100 centavos. The current exchange rate is RD$51.58 to US$1, and the currency is pegged to the US Dollar. The Dominican Republic also issues coins and notes, and both ATMs and credit cards are widely accepted in the country. Currency exchange is available in the Dominican Republic, and it is important to shop around for the best rate before exchanging currency.
By familiarizing yourself with the Dominican Republic’s currency, you can save time and hassle while traveling in the Dominican Republic. Knowing the exchange rate, coins and notes, and the availability of ATMs and credit cards can help make your trip easier and more enjoyable.
