In a move that took some economists by surprise, the Central Bank issued RD$10 billion in investment certificates yesterday evening, at interest rates that varied from 31% for 30-day terms and up to 36% for 180-day terms. The certificates will be sold via intermediaries or directly to the public, according to a Central Bank publication in today?s papers. According to El Caribe, the Monetary Board approved the issue of the certificates yesterday afternoon.
\nThis is the second time this year that the Central Bank has placed certificates in the local financial arena. On 3 April, RD$5 billion was offered at interest rates ranging from 24% to 28%.
\nAccording to Hoy, the latest issue of investment certificates places the Central Bank paper at an all-time, unprecedented high of RD$48 billion. Also according to Hoy, the Central Bank is looking to reduce money in circulation, bring down the exchange rates, and force down prices. The financial cost of this operation is calculated at RD$3.4 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"
In a move that took some economists by surprise, the Central Bank issued RD$10 billion in investment certificates yesterday evening, at interest rates that varied from 31% for 30-day terms and up to 36% for 180-day terms. The certificates will be sold via intermediaries or directly to the public, according to a Central Bank publication … <\/p>\n