Economy September 15, 2020 | 7:55 am

Central Bank injection makes personal loans cheaper

Santo Domingo.- The cost of bank financing, especially in the area of consumer or personal loans, one of the credit activities hardest hit by the pandemic, has dropped after the injection of liquidity that the Central Bank has made to try to revive the economy.

Interest rates for personal loans averaged 13.26% per year until September 10, a level that contrasts with the 18.7% that banks charged for this financing last January.

That has been the deepest interest reduction that has been recorded since the Central Bank applied the emergency monetary program.

Meanwhile, interest on loans for the commercial sector fell, although the decline was not so pronounced. From 11.28% in January this year, the rate fell to 9.07% as of September 10, according to data from the Central Bank.