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Thursday, March 30, 2023

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Multiple Banks supports liquidity increase by the Central Bank

The Association of Multiple Banks of the Dominican Republic (ABA) valued as positive the actions taken by the Monetary Board and the Central Bank in support of micro, small and medium-sized enterprises (MIPYMES), by increasing the amount of the Facility of Rapid Liquidity (FLR) in 25 billion pesos.

The ABA considers that it is an effort to reactivate the recovery of the productive sectors affected by the economic effects of the pandemic.

Likewise, he highlighted that these measures have a favorable impact on the conditions of the services offered by multiple banks to these sectors, with regard to better interest rates, credit refinancing, and new loans.

In this sense, the ABA reported that multiple banks have made a series of loan products available to customers to meet their financing needs, once they have completed the processes and evaluations required to access the funds.

The entity that brings together the country’s multiple banks reiterated that, with these funds, financial intermediation entities can channel new loans and refinancing to productive sectors at interest rates of up to 8% per year, and to micro and small companies, at competitive rates.

Prior to this measure, the disbursement of RD $ 190,814.4 million had been authorized, of which RD $ 168,255.8 million have been placed, through 77 thousand new loans and refinancing to individuals and companies.

The ABA highlights that MSMEs constitute an important component of the national economy, since they contribute 39% of the Gross Domestic Product income and 2.5 million of the direct jobs in the country.


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