NewsWhore
03-18-2009, 07:00 PM
Herrera Industrial Association spokesman Manuel Cabrera says that while interest rates have declined for new loans, they have gone up for renewals of existing loans. As reported in Hoy, he said that the recent Central Bank measures aimed at stimulating declines in lending rates have only affected new loans. Cabrera mentioned the case of an AEIH member who had a loan with a savings and loans association for which he paid RD$68,000 at 19% but last week, the monthly payment was increased to RD$88,000 and interest rates raised to 26%. This was the same loan that was originally contracted 18 months ago at 15% and RD$57,000 monthly payment.
He said that those loans were gradually increased, as interest rates climbed to 18, 19% and 22% and now are at 26%.
Cabrera said that the banks don't have any excuse for the increases.
Recently, the Central Bank changed its monetary policy, reducing yields on its own certificates, and bank costs in the handling of money. "That should be reflected in the lending rates," said Cabrera.
More... (http://www.dr1.com/index.html#11)
He said that those loans were gradually increased, as interest rates climbed to 18, 19% and 22% and now are at 26%.
Cabrera said that the banks don't have any excuse for the increases.
Recently, the Central Bank changed its monetary policy, reducing yields on its own certificates, and bank costs in the handling of money. "That should be reflected in the lending rates," said Cabrera.
More... (http://www.dr1.com/index.html#11)