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Credit card rates will fall in 2 months

Santo Domingo.- The Superintendent of Banks on Tuesday said the interest paid by cardholders will be lower in two months, as the mechanism it assumed to “operate” their fall will take effect in that period.

Rafael Camilo said the Superintendence has been demanding that financial intermediates charge interest on the loans’ unpaid balance.

After the Monetary Board credit issued a credit card regulation, the official announced that the Banks Superintendence repealed the operation mechanisms for those regulations and that the instructions are available. He said instructions tend to lower the amount of interest.

As to interest rates announced by the banks with funding from the RD$20.0 billion released from the Central Bank’s reserve requirements, Camilo said that entity has been reporting that only RD$5.3 billion have been placed in the last two weeks, and that not all banks have the same among of money available.

He said the reserve released is part of the deposit by banks in the Central Bank, when they capture the money and the big banks have the most because they’re the ones which capture more from the public, such as the Reservas bank, but the small ones capture less and that might be why it depletes faster.

Camilo added that it’s not true that the RD$20.0 billion available for new loans at a maximum of 9% will drag down the rate of the old loans.

Source: DT

Category: DR News |

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Last updated October 26, 2016 at 10:54 PM
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