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  1. #1
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    Default certificates of deposit

    Hi
    what rates are being offered on CD's (US$$)?
    im not sure i understand how the system works i.e how to buy them, how to find out out the best offers being made etc .... If someone can take the time to let me know which banks commonly offer them and typical rates being offered that would be great

  2. #2
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    When the peso deteriorates against the dollar at a higher rate than your CD's interest, the Central Bank freezes both your interest and your access to the CDs. But that won't happen until after the next election depending . . . .

  3. #3
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    Quote Originally Posted by pelaut View Post
    When the peso deteriorates against the dollar at a higher rate than your CD's interest, the Central Bank freezes both your interest and your access to the CDs. But that won't happen until after the next election — depending . . . .
    Really? Exactly When has this happened? To the best of my recollection nothing even close to what you describe has happened in the previous 15-20 years. I've had several CD's from the central bank since the Baninter fiasco and I've never had any issue with the interest payments nor with retrieving my initial invested capital on the CD maturity date. In fact, I don't buy new/more CDs from the central bank simply because the current rate offred by the central bank is to low.

    NotLurking

  4. #4
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    I thought the Central Bank stopped offering CDs a longggg time ago. When did they resume?

    AE

  5. #5
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    All banks in the DR offer CDs with varying degree of restriction , prepayment penalties and interest rates. In my opinion, the best bank by far for long term CDs was (is?) Central Bank. The Central bank had the best rates for fix term CDs of 12 to 36 months but the Central bank stop issuing CDs of fix term (Plaso fijo) about 1.5 years ago. Other banks such as Popular, Leon, Reserva, Scottiabank, etc offer CDs of different terms and interest rates. The only way to find out what is being offered is to visit many banks and ask. Some of these banks also offer US$ CDs but the rates offered is not that great.

    NotLurking

  6. #6
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    The Central Bank did not stop issuing CDs. What the Central bank did 1 1/2 years ago was stop Direct sale of fixed term CD (Venta de ventanilla directa CD a Plazo Fijo). The Central bank currently sell, and has done so for a long time, CDs with early redemption option and prepayment penalty.

    NotLurking

  7. #7
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    Quote Originally Posted by NotLurking View Post
    The Central bank currently sell, and has done so for a long time, CDs with early redemption option and prepayment penalty.
    I am reading here: Banco Central de la Repblica Dominicana that they are offering 8%... I am wondering if this rate is up to date.
    Do you have any info on that ?

  8. #8
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    Quote Originally Posted by Squat View Post
    I am reading here: Banco Central de la Repblica Dominicana that they are offering 8%... I am wondering if this rate is up to date.
    Do you have any info on that ?
    Yes these rates are current and I don't have any more info than what is published on the web site. Banco Central is actually very good at keeping their site up to date.

    NotLurking

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  10. #9
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    Quote Originally Posted by Squat View Post
    I am reading here: Banco Central de la Repblica Dominicana that they are offering 8%... I am wondering if this rate is up to date.
    Do you have any info on that ?
    I do not see that this is on US dollars.. but it is early yet and the coffee may not have kicked in.. What is the interest rate for pesos? I could not seem to navigate this site.

    8% on US dollar accounts is really an AWESOME interest rate now..

  11. #10
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    Quote Originally Posted by mountainannie View Post
    I do not see that this is on US dollars.. but it is early yet and the coffee may not have kicked in.. What is the interest rate for pesos? I could not seem to navigate this site.

    8% on US dollar accounts is really an AWESOME interest rate now..
    This above-mentioned link is in pesos... I should have specified it in my previous post indeed... I am looking however into 10 or 12%... Still looking...

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