2004News

Central Bank sells Investment Certificates

The Central Bank managed to lower the interest rates on its investment certificates by two points yesterday, selling them at rates of 34.5% on total sales of RD$5.816 billion. Over the past two months, the Central Bank has managed to reduce the interest rates on new certificates by 25%. This latest auction represented a notable decrease from the rate of 59.7% that was being offered just two months ago. With these new, lower interest rates at the certificate auction, many investors are attracted to the sale of 30-day certificates at a 36% A.P.R. The most recent offer for the certificates signified the first time that the offers to purchase were less than the total amount offered by the Central Bank. Initially, the bank was offering RD$6.5 billion, and received offers for just RD$6.1 billion. The bank eventually confirmed sales of RD$5.8 billion.