The president of the Association of Haina Industries and Businesses, Rafael Alvarez Crespo, criticized the decision of the Central Bank to increase the interest rates to which commercial banks set their rates. The CB announced on Tuesday an increase in the interest rate to be charged by the so-called Ventanilla Lombarda from 45% to 55%, as well as that paid on short-term deposits (Ventanilla de Depositos Remunerados de Corto Plazo) from 15% to 45%. The objective is to reduce excessive money in circulation to contain the depreciation of the peso. The measure will spur new increases in bank interest rates on loans made to businesses and consumers. The peso was being bought for upwards of RD$52 to US$1 on Thursday, reflecting what many economists have called a hemorrhage of pesos going after the hard currency following government assistance to collapsed commercial banks and to cover the government’s own spending.