Banco Popular and the APAP announce lower interest rates
Diario Libre
SANTO DOMINGO.-The Banco Popular and the Popular Savings and Loan Association (APAP) announced separately their reduction in the interest rates on new loans, bringing the total to five banks that took the same decision over the past few days.
The BPD explained in a communiqué that personal loans will go down from 36% to 32%, loans for small and medium businesses from 27% to 24% and vehicle loans from 25% to 23%.
The interest rates for mortgages will go down from 24% to 22%. They say that for current loans the decreases in go into force as the terms are renewed.
Meanwhile, the Popular S&L Association announced reductions from 23% to 20% on new mortgage loans; loans with mortgage guarantees will go down from 26% to 20%, and personal loans will go from 34% to 28%.
Through their press release the S&L reports that it will continue offering home mortgage loans at 18% for homes costing less than RD$3.0 million.
At the same time, they indicated that they would evaluate the relation of due dates on all of their loans and deposits to adjust the margins of the interest rates as the market permits more reductions in the passive rate in the system.
Both the APAP and the Banco Popular said that the measure was taken in accordance with the policies of the monetary authorities.
The Central Bank was the first to reduce interest rates as part of a policy that sought to make the economy more flexible. Later on, Scotiabank, Banco Leon the BHD and the Banco de Reservas followed suit.
Of the largest banking institutions, only the Banco del Progreso has not said if they have taken a similar decision. Yesterday, Diario Libre contacted the Department of Public Relations of the bank, but the manager answered that "he still did not have that information."
Yesterday, the governor of the Central Bank, Hector Valdez Albizu, greeted the several banks that had followed the measure of the Monetary Board.
The BPD explained in a communiqué that personal loans will go down from 36% to 32%, loans for small and medium businesses from 27% to 24% and vehicle loans from 25% to 23%.
The interest rates for mortgages will go down from 24% to 22%. They say that for current loans the decreases in go into force as the terms are renewed.
Meanwhile, the Popular S&L Association announced reductions from 23% to 20% on new mortgage loans; loans with mortgage guarantees will go down from 26% to 20%, and personal loans will go from 34% to 28%.
Through their press release the S&L reports that it will continue offering home mortgage loans at 18% for homes costing less than RD$3.0 million.
At the same time, they indicated that they would evaluate the relation of due dates on all of their loans and deposits to adjust the margins of the interest rates as the market permits more reductions in the passive rate in the system.
Both the APAP and the Banco Popular said that the measure was taken in accordance with the policies of the monetary authorities.
The Central Bank was the first to reduce interest rates as part of a policy that sought to make the economy more flexible. Later on, Scotiabank, Banco Leon the BHD and the Banco de Reservas followed suit.
Of the largest banking institutions, only the Banco del Progreso has not said if they have taken a similar decision. Yesterday, Diario Libre contacted the Department of Public Relations of the bank, but the manager answered that "he still did not have that information."
Yesterday, the governor of the Central Bank, Hector Valdez Albizu, greeted the several banks that had followed the measure of the Monetary Board.
Diario Libre
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