Glossary: Dominican Republic peso (RD$)
DEFINITION:
Dominican monetary unit, divided into 100 centavos. The Dominican government officially maintained a one-to-one exchange rate between the peso and the United States dollar until 1985, when the peso was allowed to float freely against the dollar for most transactions. In 1988, the exchange rate reached US$1=RD$8.00; it subsequently leveled off to US$1=RD$6.35 by 1989. The government decided in 1988 to reinstitute a fixed exchange rate that it would adjust periodically in accord with prevailing economic conditions.