Dominican economy stabilizes, but loan rates rise

Santo Domingo.- As economic activity has advanced in its recovery, the confidence of businesses and families to resort to credit was strengthened in the first quarter of this year, reports the Superintendence of Banks.

However, they face the rise in the rate of consumer loans, which registered increases compared to the previous quarter to settle at 16.2% per year.

In its report on the performance of the financial system in the first quarter of this 2022, recently published, the Superintendence of Banks highlights that mortgage loans also presented an increase in their rates, going from 9.0% average in December 2021 to 10.2% in March 2022.

Likewise, there was an increase in the interest rate of credit cards in national currency with respect to its level of the previous year, going from 55.9% in March 2021 to 57.3% in March 2022.