Hoy newspaper reports that commercial banks increased the lending rates to 42, 50 and 55%, a day after the Central Bank announced an emission of savings certificates at interest rates of 32, 34 and 36%. The certificates were issued to reduce money in circulation and restrain the depreciation of the peso. Ignacio M?ndez, president of the Federation of Industrial Associations (FAI) commented on the negative effects the new increase in the banking rates will have on the productive sectors. Consumers that have borrowed money from banks are also hurting, as most loans in the Dominican Republic are adjusted periodically.