Banks lower rates

[NewsWhore]

Four of the nation's largest banks have announced interest rate cuts. Scotiabank, Banco Leon, the BHD and Banco de Reservas have all cut their rates in recent days. Bank Superintendent Rafael Camilo said that it was time for rates to be cut given that the Central Bank's monetary policy had been relaxed. Camilo said that rates would go back down to their 2008 levels before beginning to spike. He was quoted in Hoy saying the middle class needed the respite. Camilo added that following the measures taken by the Central Bank in December and the rate reductions it was only right to reduce bank interest rates in order to take some of the pressure off the middle classes, which have to worry about car and other payments. He continued by saying that it was an important move aimed at helping "energize" the economy.

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