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Thursday, January 27, 2011

Dominican Republic banks reveal US$594M windfall

The Commercial Banks Association (ABA) announced a surplus in liquidity of more than RD$22.0 billion pesos (US$594.5 million) in the banks and stable interest rates in the last few weeks and with no upward tendency.

It called the changes in interest rates of little significance and notes that they are a normal part of the Monetary Authority’s monetary policy, inflation goals and programmed economic growth.

In a statement, the ABA said since August, 2010 the types of interest have been slightly and gradually adjusted, without the undesired effects in the economy, for loans as well as for the deposits, which increased their yield since July last year. “This increase had a positive effect, since it took the passive interest rate, that of the deposits, to the inflation level expected for the year, and in that manner obtaining a positive interest rate in favor of the depositors.”

“The interest rate is a price that, like all prices in the economy, is subject to variations, at the same time that dissimilar rates exist depending on the topic of credit, destination, term and risk of the operation,” added the entity that groups the 14 commercial banks.

Source: Dominican Today

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