The Central Bank of the Dominican Republic has issued a press release that reports that interest rates on certificates of deposit are to be increased. At the same time, the Central Bank has announced the elimination of penalties for cancellation of certificates of deposit if the money is to be reinvested for longer terms. As from yesterday, the bank is offering RD$10 billion in investment certificates at a 19% APR for one year and 23% APR for a two year deal. According to the bank’s note, the 19 January offering of RD$10 billion is practically subscribed, and the bank is offering a 3% additional interest rate above the rate advertised for public offerings of the investment certificates. The current offering of a further RD$10 billion will be offered at 10% for 30-day notes; 13% for 90-day notes; 16% for 365-day notes and 20% for 24-month notes.