Official’s push to release bank reserve buoys big business

Santo Domingo.- The business and financial sectors are upbeat with the Central Bank’s announced request for the release of the bank reserve to fund loans “to any sector.”

The presidents National Business Council (CONEP) Pedro Brache, and other business leaders support the Central banker Héctor Valdez Albizu’ request to the Monetary Board.

On Monday, Valdez said he would ask for authorization to release of the RD$11.0 billion reserve to allocate the funds to more economic sectors. He said he will also request disbursements in advance for the agribusiness and MIPYME sectors.

Brache said Valdez “is doing a great job” and that the Bank’s latest actions have boosted the economy. He said the measure that frees the legal reserve for loans will bring interest rates down and helps boost investment.

“I believe that in fact it has been seen that the economy has reactivated and that we are likely to end up at 5% growth.”