Bank rate at Dominican Banks

I am planning to invest pesos in short time paper. What is the best rate I can get and at which bank should I contact. I was offered 17% @ Banco Popular for 90 days. Advise appreciated.

Re: What amount of money are you talking about?

$ 150,000 - 200,000 pesos.

Re: What amount of money are you talking about?

At that amount, around $10 k usd, 16 % for a minimum of 3 months in a CD is the norm for most banks I've checked with. When you get up to a millon or more pesos (approx 65k usd) is when you can get 18 % plus for a short term CD. This was at least true back in Jan of this year when I was checking for a buddy of mine. By the way, I've used Popular, Progesso, Banco Reservas and Osaka and all seemed good, but I preferred Banco Osaka for the service. Hope this helps!

Re: What amount of money are you talking about?

Keith,

is it save to invest in CD's in the RD ? Can you withdraw money by interact in USD ?

What about Commercial paper of 90 days ? How is it ?

Thank you for your information.

Robert

Well,

Rob, I can only speak from personal experience, and from that the deposits in a CD are safe as I have been using them, putting money in, out, etc. etc. with no problems for years. I also know many people who are financially minded ( which I am not ) who maintain large sums of money in the bank systems here with great success. So the risk is more of a personal issue, like other investment strategies, and I have had a good experience. What is interact? Accessing your money is no problem if you are here but I don't know about internationally transferring, etc. My only knowledge of commercial paper is from what I have read on this board, and the interest rates seem to be the same (or nearly) as that of a bank, so I don't see the advantage. But then again, this is something that I only have a cursory knowledge of. Good luck!

Re: Well, some more.......

Well, what wasn't mentioned is, that in the years there is and was always a devaluation to the USD, lets say in 96 the DR$ was 12.40 to the USD, know it is 16.75 and it may rise this year due to the new taxes created on 1st of January!

To the Banks, Banco de Reservas is the most secure, because it is the state bank and therefore will never go bancrupt!

For bringing money into the country is no problem, exporting would have to be arranged and you may need the proof of having brought the money into the country! (Of course you will be allowed to take your money back incl. interest!)

Henry