DOP - Dominican Peso ($)

Dominican Peso

The Dominican Peso (DOP) is the official currency in the Dominican Republic. The symbol for the Peso is $. To distinguish between the US Dollar and the Peso the symbol RD$ is used. The subdivision for the Peso is centavos; 1 peso = 100 centavos.

The Dominican Peso is the currency in Dominican Republic (DO, DOM). The symbol for DOP can be written RD$. The Dominican Peso is divided into 100 centavos. The exchange rate for the Dominican Peso was last updated on May 24, 2019 from Yahoo Finance. The DOP conversion factor has 4 significant digits.

Economy

  • The Dominican Republic’s economy is rated 2nd in the Caribbean.
  • Tourism and agriculture play an important role in the economy.
  • The tourism industry contributed more than 1 billion USD a year. Recently industry overtook agriculture.
  • The main industries are textiles, cement, gold mining, tobacco, tourism, and sugar processing.
  • Export products are meats, gold, sugar, silver, ferronickel, consumer goods, coffee, tobacco, and cocoa.
  • Import products are fabrics and cotton, chemicals, petroleum, foodstuffs, and pharmaceuticals.
  • Inflation is estimated at 6.3% and unemployment at 14.2%.
  • The country trades mainly with the USA and is a free-trade zone.

History

  • The Peso was introduced in 1844 after the country gained independence from Haiti.
  • In 1877, the Peso was subdivided into centavos.
  • A second currency called the Franco was introduced to the Dominican Republic from 1891 to 1897 and was used as an additional currency.
  • In 1905, the US Dollar replaced the Peso at 5 Pesos = 1 USD.
  • In 1937, the Peso Oro was distributed and was used along with the Dollar until 1947.
  • In 1947, the first Peso banknotes were printed and distributed by the Central Bank.
  • In 1961, the banknotes were extended to the lower Peso Oro notes.
  • Since 1992, limited editions of the 2000 and 500 Peso Oro notes have been issued. In 2010 the 20 Peso polymer note was issued.

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