2023-10-06 05:56:50
The governor of the Central Bank of the Dominican Republic (BCRD), Hector Valdez Albizu, received a visit from the board of directors of the Dominican Association of Builders and Housing Developers (Acoprovi), headed by its president, Annerys Meléndez; as well as representatives of the Dominican Chamber of Construction (Cadocon), whose presidency is held by Dino Campagna.
The representatives of the construction sector The releases made of resources from the legal reserve and quick liquidity facilities (FLR), aimed at facilitating Dominicans’ access to low-cost housing solutions.
Valdez Albizu highlighted the special attention that the BCRD dedicates to this fundamental sector for the Dominican Republic, highlighting its contribution to added value to the economy, and its role in the construction of a housing stock in different modalities, especially low-cost housing.
In this vein, the governor highlighted that the release of legal reserves for low-cost housing amounted to RD$21,424 million. Of this amount, financial intermediation entities have channeled RD$12,502 million at interest rates no higher than 9% per year (RD$8,905 million for the acquisition of homes and the remaining RD$3,596 million for their construction through interim loans to real estate developers).
As a result, acquiring families have benefited with 3,842 loans, as well as construction companies with 47 interim loans for the construction of said housing units. It is estimated that with this program more than 13 thousand low-cost homes would be built.
Likewise, the governor highlighted that through the liquidity measures approved by the Monetary Board in 2023, RD$127,593 million have been channeled, mainly to the sectors of “Commerce” (RD$48,769 million), “Households” (RD$20,507 million), “ Construction” (RD$12,777 million), “Manufacturing” (RD$7,684 million), “Agriculture” (RD$2,307 million), “Health” (RD$1,847 million), among others, at interest rates of up to 9% annually. In turn, he emphasized that these liquidity measures, seen as a whole, have benefited with more than 17,000 loans to families and companies favored with the resources placed during the implementation of these programs.
Valdez Albizu specified that, of the resources mentioned, some are pending to be used by financial intermediation entities. RD$12,784 million. Of these available funds, some RD$8,923 million can be placed, indistinctly, for the acquisition or construction (interim) of low-cost housing, as authorized by the Monetary Board recently, which has been accelerating the placement of said resources.
The representatives of the construction sector expressed the importance that the development of a monetary policy such as the one being implemented by the BCRD has for the consolidation of their projects, with special relevance consumer’s price index (CPI) and the dollar reference rate.
In this regard, Valdez Albizu pointed out that the CPI experienced a monthly variation of 0.52% in the month of August 2023, and that, with this result, interannual inflation, measured from August 2022 to August 2023, stood at 4.27% , remaining within the target range of 4.0% ± 1.0%, which is expected to continue until the end of the year.
Valdez Albizu was accompanied by the deputy governor of the Central Bank, Clarissa de la Rocha de Torres; the manager, Ervin Novas Bello; the deputy manager of Monetary, Exchange and Financial Policies, Joel Tejeda Comprés; and the deputy manager of Regulation and Financial Stability, Máximo Rodríguez.
Likewise, the deputy manager of National Accounts and Economic Statistics, Ramón González, attended; the director of the Department of National Accounts and Economic Statistics, Elina Rosario; and the director of the Department of Regulation and Financial Stability, Carlos Delgado.
Along with Annerys Meléndez, the following attended for ACOPROVI: Guido Rosario, 2nd vice president; Héctor Bretón, advisor; Santiago Colomé, 1st member; Pablo Piantini, Com. Accounts; Ángel Paulino, 2nd member; and Jorge Montalvo, advisor. On his side, Dino Campagna, from CADOCON, came accompanied by Raúl Aguayo.
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