Comprehensive Financial History Report of the Dominican Republic

Basic Information

• Country ISO Code: DO

• Official Language: Spanish

• Language ISO Code: es

• Current Official Currency: Dominican Peso

• Currency ISO Code: DOP

• Symbol: RD$

• Subdivision: 1 peso = 100 centavos

Monetary History of the Dominican Republic

Early History and Independence

• The island of Hispaniola, inhabited by the Taíno people, was the first permanent European settlement in the Americas, founded by the Spanish in 1492 with the city of Santo Domingo (current capital).

• After three centuries of Spanish rule, the country declared independence in 1821 but was soon invaded by Haiti, remaining under Haitian control until 1844 when it regained independence after a bloody war.

• Between 1861 and 1865, the Dominican Republic briefly returned to Spanish rule before reestablishing definitive independence.

Monetary and Economic Development

• After independence, the Dominican economy experienced political and financial instability, including foreign interventions such as the US military occupation from 1916 to 1924.

• The 20th century saw authoritarian regimes, notably Rafael Trujillo’s dictatorship (1930–1961), which influenced economic and monetary policies.

• The Central Bank of the Dominican Republic was established to issue the national currency and oversee monetary policy.

Current Currency: Dominican Peso

• The Dominican peso has been the official currency since its creation, subdivided into 100 centavos.

• Coins currently in circulation include 1, 5, 10, and 25 pesos.

• Banknotes in circulation include denominations of 10, 20, 50, 100, 500, 1000, and 2000 pesos.

• Commemorative banknotes of 500 and 2000 pesos were issued in 1992 to celebrate the 500th anniversary of the discovery of America.

• Designs on coins and banknotes reflect national symbols, historical figures, and cultural elements of the Dominican Republic.

Economic Context

• The Dominican Republic has the largest economy in the Caribbean and one of the largest in Latin America, with a growing GDP and diversified economy.

• The Dominican peso is a floating currency, with its value determined by the foreign exchange market, although the Central Bank intervenes to maintain stability.

• The economy is supported by sectors such as tourism, agriculture, mining, manufacturing, and financial services.

Summary Table

This report provides a detailed overview of the monetary history of the Dominican Republic, highlighting its evolution from the colonial period through conflicts and interventions to the consolidation of the Dominican peso as the national currency under the Central Bank’s management.