NewsWhore
01-12-2012, 04:20 PM
The New Year began with two increases, one in the price of dollars and the other the interest rate in the market, which affects the pockets of most Dominicans, but is good news for visiting tourists. Since the beginning of the month, the exchange rate for purchasing dollars went over RD$39 to one, while people with bank loans began to complain of receiving increases in their payments of RD$500 and even RD$650 on their mortgage and consumer loans.
According to a survey, the banks were buying the dollar at around RD$38.60, and they were selling it at RD$39 and RD$39.10, while the euro was stable with an average purchase price of RD$48.50 and a sales price of RD$51.60.
The financial entities average purchase price on Tuesday was RD$38.62 for cash, and for checks it was RD$38.68 and transfers were at RD$38.70, according to the Central Bank. The sale of cash, checks and transfers was at RD$38.98. At the exchange houses and remittance centers the dollars were sold at RD$38.99.
When customers went to pay their mortgage installment at the start of the year, they found that they had to pay more. So, for example, one customer with a mortgage loan of RD$500,000 paid in December RD$9,910 but on 15 January will have to pay RD$10,570.10, an increase of RD$660.10. Other customers paid in one bank, for a personal loan, RD$8,215 in November, RD$8400 in December and this year they have to pay RD$8755.
Nevertheless, interest rates have been nearly stable, although high, since 30 June 2011, when the new tax reform went into effect. Increases in the interest rates over the last months have been small. In June, the average mortgage loan was at 14.07%, in December it was 15.04% and the average for 2011 was 13.99%. In the first four days of 2012 the interest rate is at 14.85%.
In the case of consumer loans, 2011 closed with an average of 21.66% and in the last four days of 2011 the rate was 21.03%.
Starting in June, the tax package included a 1% tax on bank's assets and an increase from 27% to 29% in the Income Tax, among other measures. The weighted average interest rate was 15.10% and closed December at 17.22% and for 2011, it was 15.69%, but in the first four days of 2012, it was 16.64%.
More... (http://www.dr1.com/index.html#3)
According to a survey, the banks were buying the dollar at around RD$38.60, and they were selling it at RD$39 and RD$39.10, while the euro was stable with an average purchase price of RD$48.50 and a sales price of RD$51.60.
The financial entities average purchase price on Tuesday was RD$38.62 for cash, and for checks it was RD$38.68 and transfers were at RD$38.70, according to the Central Bank. The sale of cash, checks and transfers was at RD$38.98. At the exchange houses and remittance centers the dollars were sold at RD$38.99.
When customers went to pay their mortgage installment at the start of the year, they found that they had to pay more. So, for example, one customer with a mortgage loan of RD$500,000 paid in December RD$9,910 but on 15 January will have to pay RD$10,570.10, an increase of RD$660.10. Other customers paid in one bank, for a personal loan, RD$8,215 in November, RD$8400 in December and this year they have to pay RD$8755.
Nevertheless, interest rates have been nearly stable, although high, since 30 June 2011, when the new tax reform went into effect. Increases in the interest rates over the last months have been small. In June, the average mortgage loan was at 14.07%, in December it was 15.04% and the average for 2011 was 13.99%. In the first four days of 2012 the interest rate is at 14.85%.
In the case of consumer loans, 2011 closed with an average of 21.66% and in the last four days of 2011 the rate was 21.03%.
Starting in June, the tax package included a 1% tax on bank's assets and an increase from 27% to 29% in the Income Tax, among other measures. The weighted average interest rate was 15.10% and closed December at 17.22% and for 2011, it was 15.69%, but in the first four days of 2012, it was 16.64%.
More... (http://www.dr1.com/index.html#3)