DOMINICAN REPUBLIC

(DOP) Currency News >>

CURRENCY:

Dominican Republic Peso - DOP, Symbol RD$

DENOMINATIONS:

NOTE: RD$2,000, 1,000, 500, 100, 50, 20 and 10.

COIN: RD$1 and 5 and 50, 25, 10, 5 and 1 centavos.

The most frequently used of the coins are RD$1 and 5 as the smaller denominations are not practical.

US DOLLAR ACCEPTED?

Yes some street vendors in larger tourist areas accept US dollars - however, it is not legal tender within the country.

CREDIT/DEBIT CARDS AND ATMS:

Most major credit cards are accepted.

CURRENCY EXCHANGE:

This is available, make sure it is conducted only through official dealers which have been approved by the Central Bank. Note: the Dominican Republic Peso is not available outside of the Dominican Republic.

TRAVELLER'S CHEQUES:

These are not ideal as they are only accepted by some banks, but if necessary, then these are best in US dollars.

BANKING HOURS:

Mon-Fri 0800-1500 Sat 0900-1300. Note: some shopping malls have banks that open until 1900.

CURRENCY RESTRICTIONS:

Restrictions apply. Import and export of local currency is prohibited. Import of foreign currency is permitted under the following conditions: banknotes must be declared upon arrival, travellers cheques are fully permitted. Export of foreign currency is permitted up to the amounts declared.

COUNTRY OVERVIEW:

The Dominican Republic is located on the island of Hispaniola in the Caribbean. The country has seen its fair share of unrest under dictatorship, but since the death of its last dictator's death in 1961, it has moved to a representative democracy. The capital is Santo Domingo de Guzman, and the official language is Spanish.

POPULATION:

Around 9 million.

ECONOMY:

The Dominican Republic is a developing country but the largest economy in the Caribbean. Tourism is a large source of economic growth as are Free Trade Zones. In the late 80s, The Dominican Republic suffered economic turmoil which led to an eventual recession in around 2002.