The Monetary Board authorized the issuance of RD$70 billion in Central Bank investment certificates. These certificates will be offered to financial institutions, institutional investors and the general public. According to the third, fourth, sixth and tenth resolutions of the last meeting of the board, the Central Bank has been authorized to receive deposits in local currency, expand the time frames and reduce the interest rates to be paid. The maximum interest for 2003 certificates, redeemable after one year, will be 34%, down from a previous high of just over 60%. In some cases the certificates may be indexed to foreign currencies and exceed the two lots of certificates auctioned in 2003 by RD$10 billion. The third resolution provided for the issue of RD$10 billion in long-term certificates, with a minimum of RD$50,000 for each one. The interest paid on these will be the national inflation rate plus 3.5% over one year, 4.5% over three years and the inflation rate plus 5% over five years. Interest can be paid on a monthly basis or at the end of the period. The fourth resolution augments the emissions of 3 April and 14 June of 2003 by RD$10 billion, and modifies the interest to be paid. All of the resolutions are contained in double full-page announcements in today’s principal newspapers.