Economy September 24, 2020 | 11:37 am

Remittances grow 29.3% in Dominican Republic after global economic reactivation

The vice president of the commercial strategy of Banco Caribe, Isleyda Peña, highlighted that thanks to the gradual reactivation of the global economy, remittances sent to the country have increased in the last quarter, reaching the sum of US $ 827.7 million in July, 29.3% above the same month in 2019.

The banking executive valued these figures provided by the Central Bank as very positive and pointed out that Banco Caribe will continue to strengthen its deposit portfolio, motivating clients to keep their savings diversified in multi-currencies.

In that sense, Peña reported that Banco Caribe introduced the version in dollars of its “Máxima” savings account. It will be possible to have access to a preferential rate similar to that of a certificate of deposit. And with the same facilities and to have other benefits that were designed for users of this hard currency financial product.

He explained that the rate offered by the “Maximum” account in dollars far exceeds the average of the multiple national banks in similar products, which is 0.40% as of August 2020, according to the latest report from the Superintendency of Banks of the Dominican Republic, which also encourages savings in Dominican families.

With this proposal, he stated that Banco Caribe intends to continue strengthening its deposit portfolio, motivating clients to keep their savings diversified in multiple currencies.

He stated that the Máxima account is an ideal product for clients who receive remittances from abroad who wish to maintain their savings in dollars, and users of the system who want to diversify their portfolio with products in hard currency. Máxima offers an attractive, profitable, and comprehensive proposal for all segments and needs.

“Thanks to the gradual reactivation of the global economy, remittances sent to the country have increased in the last quarter, reaching the sum of US $ 827.7 million in July, 29.3% above the same month of 2019, according to with data provided by the Central Bank of the Dominican Republic,” said Peña.

For her part, Banco Caribe’s deposit and loan product manager, Xiomy Ramirez, recalled that the Máxima savings account, launched in 2018 as an innovative product in national banking, is the first in the market that offers the same benefits of a financial certificate. It also provides up to five times more services than the rest of the market proposals.

She indicated that users could make deposits in dollars to their account whenever they want, which are added to their balance, on which they will receive the preferential rate. These elements add the profitability of a certificate with the flexibility of making deposits and withdrawals, being able to receive “Bonus de Pesos Caribe” every six months, by maintaining a minimum balance in your account