NewsWhore
11-17-2011, 03:00 PM
Last Tuesday, the Central Bank freed up some RD$3 billion of legal reserve funds, to be used in the promotion of lower-cost housing of up to RD$5 million and production in general. Fermin Acosta, the president of the Association of Housing Promoters and Constructors (Acoprovi), said that the measure seeks to lower the interest rates on home loans and in other sectors of the production.
He said that by next week the Monetary Board is expected to increase this amount through the legal reserve to some RD$7.5 billion, with interest rates of between 11% and 13% for the next three years. Acosta reported that the Monetary Board decision was reached during their meeting last Tuesday. Central Bank governor Hector Valdez Albizu recently met with construction sector representatives to assess options that would contribute to increase the flow of financing for housing and to review the behavior of the interest rates that buyers have to pay. During the meeting, held at the Central Bank, Valdez Albizu recognized the importance of the construction sector as he pointed out that historically it has been one of the engines that propel the Dominican Republic's economic growth. The construction sector showed a -0.2% reduction over the first six months of the year.
More... (http://www.dr1.com/index.html#2)
He said that by next week the Monetary Board is expected to increase this amount through the legal reserve to some RD$7.5 billion, with interest rates of between 11% and 13% for the next three years. Acosta reported that the Monetary Board decision was reached during their meeting last Tuesday. Central Bank governor Hector Valdez Albizu recently met with construction sector representatives to assess options that would contribute to increase the flow of financing for housing and to review the behavior of the interest rates that buyers have to pay. During the meeting, held at the Central Bank, Valdez Albizu recognized the importance of the construction sector as he pointed out that historically it has been one of the engines that propel the Dominican Republic's economic growth. The construction sector showed a -0.2% reduction over the first six months of the year.
More... (http://www.dr1.com/index.html#2)