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Dominican peso |
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The sliding exchange rate established by predecessor Hipolito Mejia's administration took the value of the Dominican peso against the dollar from 16 to 1 in the year 2000 to more then 50 to 1 by mid-2004. In light of the severe deterioration in the operating environment during 2003 and 2004, BDP implemented a proactive credit collections policy to reduce its credit risk, while the sudden Dominican Peso (DOP) revaluation since the second half of 2004 resulted in a 22% reduction in the gross loan portfolio. |
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