SANTO DOMINGO.- Central banker Héctor Valdez Albizu Friday affirmed that the financial system increased its assets to RD$75.1 billion (around US$2 billion) as of December 11, a 12.9% jump compared to the previous year.

The financial system’s assets totaled nearly RD$596.4 billion in 2008, an increase of more than 11% compared with the RD$535.8 billion in 2007, according to Banks Superintendence figures.

Valdez said the credit portfolio in local currency, which this year has increased by RD$34.77 billion, or 12.5%, jumped from RD$278.3 billion in December 2008 to RD$313.08 billion in December 11 this year.

The said the increase in the credit portfolio is the result of measures the Monetary Board applied this year to invigorate the economy through bank credit and to influence in the added demand via consumption and productive investment, with low inflationary pressure and a relatively stable exchange rate.

He said the monetary relaxation measures were implemented via a reduction of legal balance coefficient in effect, which financial intermediaries maintain in the Central Bank.

Valdez also stressed the lower interest rates on the instruments  of monetary policy, such as overnight deposits, Lombard window and the values placed as part of the open market operations; the non-relocation of matured the Central Bank papers; and the transitory suspension of the certificates obtained via the direct window.