Reservas interest rates at 15%-17%
czwartek, marzec 5th, 2009The governmental Banco de Reservas has set the prime rate for the farm sector, manufacturing industries, construction, and micro, small and medium-scale businesses at 15% to 17%. The reduction is aimed at stimulating growth in the productive sectors, improving the business climate and promoting economic development.
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Bank administrator Daniel Toribio made the announcement during a press conference attended by Central Bank Governor Hector Valdez Albizu. Valdez Albizu says this means a reduction in interest charges of up to 5% on some loans. Valdez Albizu is optimistic that the measure will stimulate commercial banks to follow suit and lower their interest rates.
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Furthermore, Toribio said that all the 20-year and up to RD$12 million mortgage loans approved during this month will get a special 15% rate that will be fixed until the end of the year. He said that beginning this year the interest rate will fluctuate with the [...]
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