NG Cortiñas rate reductions in interest rates

The Superintendent of banks, Haivanjoe Ng Cortiñas, highlighted the reduction which have experienced active Dominican financial market interest rates in the past two weeks.

Ng Cortiñas stressed, accordingly, the decrease of 4.7 percentage points verified at the weighted average interest rate trade during that period, going from 19.1% to 14.4%.

Added that meanwhile, the consumption rate went from 23.6% to 22.1%, which means a decline of 1.5 percentage point.

The Superintendent of banks expressed that the mortgage interest rate had a positive user behavior, moved from 15.5% to 15.1% for a decrease of 0.4 percentage points.

Stated that the cuts in interest rates were a direct result of macroeconomic stability, expressed in particular in a stable exchange rate and fiscal discipline, as well as well as the climate of confidence that prevails in the u000acountry.

The official in charge of the supervisor of the financial system entity stressed the importance of this remarkable decline in the different rates of interest for the wellbeing of the nation, "especially the commercial rates which are addressed to the productive sectors".

Stressed that alike, reduced interest rates stimulate mortgage activity, favor promoters and builders of houses and first Dominican consumers.

On this issue, the administrator general of the Banco de Reservas, Vicente Bengoa Albizu, reported that this financial institution remain unchanged for the next six months the active interest rate of mortgage loans, despite an increase of 0.97 percentage points during the second half of 2011, according to the variation published by the Central Bank.

"We have decided not to apply this increase to mortgage loans, for the purposes of" u000a"further stimulating the construction sector," said Bengoa Albizu.

Share this article

Digg it!

del.icio.us

MySpace

Facebook

Fark

Reddit

Newsvine