Central Bank lowers rates, again

[NewsWhore]

The Central Bank's Monetary Board has announced it would, effective today, lower interest rates, once again. The annual interest rates on short-term paid deposits (overnight) will now be 5%, a one- point drop. Lombarda interest rates will also be lowered, going from 11.5% to 10.5%. The Monetary Board also lowered rates on long-term direct certificate investments to between 2% and 3%. Hoy reports that rates for 180-day deposits will be 7%, 365-day deposits 8%, 18-month deposits 9%, 24-month deposits 10%, 30-month deposits 11% and 36-month deposits 13% annual rates. This reflects a 2% decrease in one-year deposit interest rates and a 3% decrease in 36-month deposit rates. Interest rates on certificate investments with expected retention or automatic renewals will also be lowered, meaning that 180-day deposits will have 5% rates, 365-day deposits will have 6% rates, 18-month deposits 7%, 24-month deposits 8%, 30-month deposits 9% and 36-month deposits 11%.

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