Bank legal reserves cleared to finance low-cost housing

The Monetary Board authorized the use of bank reserves for lending for low-cost housing construction. The Monetary Board is making available RD$21.42 billion of the legal reserves to financial intermediation entities as of February 2023.

The Central Bank specified that the interest rate for these loans should not exceed 9% per year and for terms of up to five years.

The resolution, approved by the Monetary Board on 12 January 2023, establishes that 80% of the resources released are designated for financing of houses assessed at RD$4.5 million or less.

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Central Bank
Diario Libre

19 January 2023