DR1 Daily News - Dominican Republic

The Monetary Board authorized the use of bank reserves for lending for low-cost housing construction. The Monetary Board is making available RD$21.42 billion of the legal reserves to financial intermediation entities as of February 2023.

The Central Bank specified that the interest rate for these loans should not exceed 9% per year and for terms of up to five years.

The resolution, approved by the Monetary Board on 12 January 2023, establishes that 80% of the resources released are designated for financing of houses assessed at RD$4.5 million or less.