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  1. #1
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    Default Banco Central-GOOD NEWS FOR SAVERS

    SANTO DOMINGO, Dominican Republic (Bloomberg): The Dominican Republic's central bank raised interest rates for certificates of deposit in an effort to slow consumer price increases after inflation accelerated last month.

    The bank will now pay annual interest rates as high as 16 percent for 3-year certificates of deposit, compared with 14.9 percent previously, it said today in a statement on its Web site. The new rate is 8 percent for six-month deposits.

    The increase in rates came on the same day the bank announced monthly inflation had accelerated to 1.71 percent in March from 0.31 percent in February, driven by higher costs for oil and commodities. The bank said that higher deposit rates are consistent with moves made by other Latin American central banks to ward off quickening inflation.

    J&T

  2. #2
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    j&t's future, do you have the URL to see this? I just went to their web site and it still shows the old rates. thanks Phil

  3. #3
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    Default Banco Central

    Caribbean Net News: Dominican Republic's central bank increases rates on deposits

    Banco Cental's website now shows 16% for 36month CDs.

    Regards

    j&t

  4. #4
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  5. #5
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    Great thanks, the old URL is still not updated.

  6. #6
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    It is updated on the Spanish link, the English link is not!

    Banco Central de la República Dominicana

    Central Bank of Dominican Republic

    tambo'

  7. #7
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    I looked at the website and probably missed it, but don't CD's usually have a minimum deposit?

  8. #8
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    Quote Originally Posted by leromero View Post
    I looked at the website and probably missed it, but don't CD's usually have a minimum deposit?
    Yes they do, I believe it's about $3,000 or $RD100,000.

  9. #9
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    Quote Originally Posted by Ricardo900 View Post
    Yes they do, I believe it's about $3,000 or $RD100,000.
    Does anyone know? is it still the same procedure? You must go very early in the morning to the Banco Central branch, like 6am get a number to be called to open an account? I know you must have another account opened in another bank, where your interests can be deposited.

  10. #10
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    Default Reservation at Banco Central

    You can call their numbers :
    809/221-9112
    809/221-9121
    809/221-9116
    809/682-4914

    You can get a reservation for a specific time- it's usually better after 1 PM when everyone is back from lunch. The operators don't always answer the phones but if you are persistant, you'll get through.

    Even with a reservation it's an hour and a half-2 hour process so take a book!

    Good luck.
    Rick

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