Rates will remain unchanged at the BR

The administrator of the Banco de Reservas, Vicente Bengoa, 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 in the second half of 2011, according to the Central Bank.

The average rates of mortgage lending is 14.78%. Its loan portfolio, the BanReservas has nearly 19% for housing sector including private.

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

The highest executive of the financial institution explained that BanReservas provision will affect positively the budget of Dominican families with housing loans, given that they will not need to devote greater resources to fulfil their commitments in that regard. The u000ameasure taken by the financial institution will remain in force from January 1, 2012 until the next August 1, when be again reviewed according to the variation in the rate of interest activates twice a year it publishes the Central Bank emphasized Bengoa.

El BanReservaas is committed to stimulate mortgage credit and provide facilities so that Dominicans can buy a home.

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BANCENTRAL decided not to change
the Central Bank decided in December to maintain its monetary policy rate unchanged at 6.75%. At the same time, he decided to leave unchanged the Lombard interest rate at 9.0% per annum, which was conditioned by the behavior of the main determinants of inflation. The decision was at its policy meeting.

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