Inflation eats up interest rates

[NewsWhore]

Interest rates on Dominican deposits are at around 7-8%, but with the Central Bank announcing a year-end inflation rate of 8.8%, Dominicans are barely keeping the value of their deposits, as reported in Diario Libre. Central Bank reports indicate that the average rate paid for 30-day certificates was 6.26%, for 60-day certificates 6.62%, and 6.98% for 90-day certificates. 180-day certificates were paying 7.49% and 7.71% for certificates that have been deposited for a year.

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