The IMF resident economist in the Dominican Republic, Ousmene Jacques Mandeng, says that the lower interest rates and longer time frames are clear signals that the measures being taken by the Central Bank are generating confidence in all sectors. He said that this will help reduce the quasi-fiscal deficit held by the central institution, and he pointed out that last week it emitted certificates of deposit for 365 days, subject to weekly auctions. As reported in the Listin Diario, the economist thinks that this is another clear signal that interest rates will continue to fall, representing a change in attitude on the part of the population. For Mandeng, the last five auctions carried out are of great assistance to the Central Bank, because they help the bank avoid a series of upcoming maturity dates. Last month the Central Bank reduced the interest rates on investment certificates yet again. At the 25 August auction the bank sold certificates at 35.99% at 90 days and at 37.46% at 182 days, a very positive sign. Former auctions were for 30.45% and 60 days. Referring to the ongoing legislative process related to the new tax proposals, Mandeng said that he does not know what the final proposal will contain, but that if the results are those indicated by the Technical Support Office of the Congress (OPA) which was created just three months ago, the programs would reach RD$19 billion and this would “be fabulous.”