The latest bond auction produced annual interest rates of 37.75%, implying a reduction of the quasi-fiscal debt. The new interest rates on government certificates are nearly 13% less that the interest obtained just two weeks previously. In spite of these lower rates, says El Caribe, demand for the certificates was more than double the RD$3.0 billion announced for the auction, with investors wanting a total of RD$7.562 billion. Thus, one surmises that August has been a good month for the Central Bank, with interest payments falling and a reduction of the deficit. Currently, the Central Bank has RD$91.863 billion placed in certificates of deposit, including the latest group of certificates that accounted for RD$4.562 billion more than advertised. In his inaugural speech, President Fernandez referred to “RD$30 billion of inorganic money per year” and this new reduced interest rate paid by the Central Bank will relieve some of the pressure.