SANTO DOMINGO.-The Monetary Board authorized the release of RD $ 29,209.7 million of the legal reserve to be used in loans to the productive sectors.

They will be channeled by financial intermediation entities to be assigned to new projects and productive activities, at fixed interest rates of up to 9% per year and for a term of up to six years.

The beneficiaries will be the export sector, manufacturing, agriculture, home purchases, commerce, small and medium enterprises and consumption, said the governor of the Central Bank, Héctor Valdez Albizua.

As for the housing sector, Valdez Albizu stressed that the resources for the acquisition of affordable homes, and those that cost up to 8 million pesos, will be increased to 8,400 million, instead of the 6,000 million that were allocated in the measure of 2013 .

But the conditions of fixed interest rates of up to 9% and terms of 6 years are maintained. He said that with the decision, the legal reserve ratio for multiple banks would remain at 11.1%, and for savings and loans associations, savings and credit banks and credit corporations, at 6.9%.