# EP 59 - ¿Qué esta pasando con las tasas de interés?

An episode of [Economics Data Podcast](https://invisiblenetwork.ai/podcast/1690287258), 24 Jul 2024, 39 min.

Audio: https://dts.podtrac.com/redirect.mp3/api.spreaker.com/download/episode/60782601/ecd_jennifer.mp3

Un episodio de pura economía pero claro, con cucharitas✨ para que todos nos ubiquemos en la situación económica actual de RD donde estamos ante un escenario de tasas de interés altas… Y si pensabas que las tasas altas solo sucedían al Banco Central subir la TPM, pues la TPM no ha variado desde noviembre 2023… Aquí te explicamos las variables económicas que han influenciado y que debes conocer para siempre entender cómo la economía impacta su bolsillo. 📊 Gracias a Jennifer Canalda, tesorera de JMMB Bank por ofrecernos un contenido de gran valor. Si quieres seguir aprendiendo de finanzas “con cucharitas” síguenos Instagram Youtube TikTok

## Transcript

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[0:34] Economics Nata, your financials podcast Here we will speak light and sincerely of money,
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[1:03] the chormistata hello welcome to new episode more Te Economics Tata Your Podcast Te Finances
[1:10] I am Kim You and today we have a spectacular episode so that we all
[1:17] land where we are currently standing in economic terms, what is happening, because
[1:23] we have seen cups maybe so high lately, when some months ago the truth
[1:27] you remember that all that was expected was that in this year the rates were
[1:30] going down, that everything was going to normalize. What, sir, take
[1:36] advantage of the fees because they go down and, suddenly, the financial and
[1:40] economic landscape has changed. So people have that doubt about why we' re
[1:45] still so high on loans. I' m listing a vehicle loan, I
[1:49] ' m listing a mortgage loan. The truth is that they are rates that
[1:52] I had years without seeing and also the issue of investments how they shot after
[1:57] people thought that no longer that down. And that' s going to be
[2:00] the eight to seven logo in the coming months, because we' ve already
[2:04] seen that they haven' t really gone back to that level of eleven,
[2:09] maybe twelve and even other maybe higher rates as well and we' re not
[2:14] just talking about mutuals, but also about financial certificates that we were years old
[2:19] or we didn' t see you like that at such high rates, so
[2:23] we' re seeing high cups both in loans and also in certificates, that
[2:27] active and passive nasas. Definitely, then many people have the doubt what'
[2:29] s going on, tell us a little bit about spoons. Let' s
[2:35] talk about economics, but with spoons. And for this episode we invited Jennifer
[2:38] Canalda, who in the treasurer of JMM B Dung and former colleague, sir
[2:43] is a star. I thought of her for this episode because years ago it
[2:47] was said that two thousand nineteen maybe I went to a talk about her talking
[2:53] about issues similar to this, and I said wow. She explains this song
[2:58] super well, which is nothing you have taught yourself to explain and then that
[3:01] ' s why I had it my top of man so I could record this
[3:05] episode. Welcome, Jenny, pervenant, and what honor I mean, I
[3:08] ' m excited Lords, what real honor, what great emotion to be in
[3:15] this podcast? I' m a fan, so don' t miss it,
[3:19] no, I miss an episode, although maybe this isn' t the
[3:24] subject of your aemás Chulo he Manchu talks about other things like weddings. Yeah,
[3:30] but we' re gonna do it with spoons and that' s what
[3:34] I take advantage of that' s what' s important to make the best
[3:37] decisions you ever made. And people appreciate these kinds of episodes because it'
[3:39] s a topic that if you go to the newspaper and you go to Google,
[3:42] you won' t understand. You don' t need someone to explain.
[3:45] More like that, close with spoons. Yeah, yeah, so,
[3:47] Jenny, tell us a little bit? Tell us a little bit? How
[3:51] do you feel he is? What do I know perhaps the economy currently the
[3:55] things we may have to be looking at on the Central Bank page, the
[4:00] measures being taken by the Governor of the Central Bank. Yeah, well,
[4:04] look, you touched on a very, very important topic, that let'
[4:10] s say that the most important thing right now for an investor is the issue
[4:14] of cups, because now, right now, you can take advantage of the
[4:17] best conditions. I would say that we give in a historic peak, yes,
[4:20] of the incredible squares, where you can take advantage from very high cups,
[4:28] in a financial certificate, immutuous cups. The truth is that right now
[4:30] there is an important offer that I would say to you that comes very tied
[4:40] to certain measures that the Central Bank has been taking and also to a very
[4:44] conjunctural situation of this moment. Okay, which co- junction measure specifically Okay,
[4:49] I' d say rates are mainly defined by the levels of liquidity in
[4:55] the market. OK, so what does this mean? Good, half supply
[5:00] and demand. If there' s a lot of liquidity in the market,
[5:04] a lot of money, a lot of money, people have a lot of
[5:09] money in their pocket, basically to invest, to save, to spend,
[5:13] then what does that do? Well, banks no longer need to pay very
[5:15] high fees and vice versa. Yeah, there' s some liquidity houses.
[5:20] I mean, people don' t necessarily have that much money to spend.
[5:25] Right, so banks have to compete for that liquidity. OK to compete in
[5:30] terms of cup, obviously correct. Then I' d tell you that for
[5:39] you to be sure what' s going to happen to the cups. Liquidity
[5:42] is like the most important indicator and you can verify it on the Central Bank
[5:46] page. That' s information that' s public. You go, on
[5:51] the Central Bank page there' s an access that' s called shortcuts and
[5:58] there you' re going to see a you have to click on a place
[6:01] that' s called daily currency operations OK. And there' s going to
[6:05] be a column that' s called currency contraction operations ok. With a spoon,
[6:13] right, let' s spoon for a pass. Not so much,
[6:16] so those monetary contraction operations, which are good, banks have surplus liquidity that
[6:23] they can daily invest in the Central Bank. So, the more liquidity surplus
[6:29] they have the truth, the more money they' re there, the more
[6:33] money they' re right there. So that' s going to be reflected
[6:36] in the malicious contraction operations, because it' s going to increase those investments
[6:41] that they make in the Central Bank, okay, so you' re going
[6:44] to see a rise as the banks have more money, more liquidity, because
[6:48] that number that we' re going to see where you indicated should look higher,
[6:51] right. So that' s a key indicator. The higher it is,
[6:58] that signifi number that there is more liquidity in the financial system and,
[7:02] therefore, the lower the rates were and the contrary, yes, that indicator
[7:09] is very low. That is, if the surpluses that banks are investing in
[7:14] the Central Bank are smaller, then it means that liquidity in the financial system
[7:18] is low and against which you compare it, it is very low. But
[7:24] OK then, well, this is very empirical, right, but on a
[7:29] general level, I would tell you that an average level goes between thirty thousand
[7:36] and forty zero million pesos ok. But what happens that indicator is very ambiguous,
[7:42] because it will also depend on how that liquidity is distributed in all the
[7:47] banks of the country, ok because if that liquidity is very concentrated in one
[7:54] two three banks and not in the entire financial system, then they are both
[7:59] the reality exactly ok then here, within the Central Bank, we can realize.
[8:05] That even I was reviewing it today before this episode and I saw that
[8:09] it is already about thirty billion to mail that is, that we are within
[8:13] the average. Yeah, within average, but what' s going on Quim
[8:20] and Lake right now here is why we' re seeing so high rates.
[8:24] You remember that during the pandemic, the Central Bank launched a series of liquidity
[8:28] provision measures for the country. Right, yes, of course. There I
[8:33] took advantage of my 9 percent lace first, then I took advantage of it
[8:39] eight percent and finally, I took advantage of it too, as this was
[8:41] mortgage. Finally, I took advantage of eight percent of the vehicle, that
[8:45] is, every time an incentive comes out. That' s how I'
[8:50] m standing there at first grade. Yeah, all right, all right.
[8:54] You remember that measure, which was the quick liquidity facility, the faith read
[8:56] then, that measure that the Central Bank launched to provide liquidity to the entire
[9:03] financial system and that, in turn, the financial system lent to different productive
[9:05] sectors to bring more money to the exact economic and increase that economic activity of
[9:13] the country ok So, what happens? At the moment, banks have to
[9:20] repay these facilities from the Central Bank. I mean, that was in the
[9:26] form of a loan and in turn, the banks lent to the people,
[9:33] then those facilities had a maturity dates, year, three years, to which
[9:37] we are already there exactly, then it' s time to repay those facilities
[9:43] to the Central Bank, then what happens? We' re talking about,
[9:48] I mean, that fact doesn' t come out completely clean, but it
[9:50] does. It is a perfect indicator of those commitments that banks have to the
[9:54] Central Bank, because they account for both the FLR and, for example,
[10:00] the orepos that banks make to the Central Bank. So, that figure to
[10:05] the June sky was one hundred and four billion pesos. That is the total
[10:11] that financial institutions that took the quick liquidity facility during the pandemic have to return
[10:18] to the Central Bank. Okay, so we' re going to be the
[10:24] math. If you have liquidity surpluses for thirty zero million pesos right now and
[10:28] you have commitments for four thousand percent, then what does that mean? Well,
[10:35] the Central Bank is going to have to take an expansionary monetary policy measure
[10:41] where it provides liquidity in order to repay that. Let' s say those
[10:48] commitments that banks have to the Central Bank, which is an expansive policy for
[10:52] those people who don' t know an expansive monetary policy. Well, first,
[10:56] Central Bank can do expansionary or contractionary or restrictive monetary policy. So expansionary
[11:03] monetary policy simply seeks to provide liquidity to the financial system or people to give
[11:11] money, maybe lower rates run to take more loans accurately. So, on
[11:18] the contrary, if it is a moneta policy of restrictive ones, it withdraws
[11:22] liquidity from the financial system, for example, through auctions that are auctions that
[11:26] we love that we exactly to your bo robe. Gentlemen, you' re
[11:33] always asking when he' s coming, when he' s coming. That
[11:35] ' s right, so let' s say that' s what happens right
[11:39] now. For example, today, an auction that that kind of upload is
[11:43] super rare, because it' s usually the opposite. That is, usually
[11:48] the Central Bank or the Ministry of Finance make real debt issues where they make
[11:56] auctions of securities or bonds to collect money because they need the money per team.
[12:03] And whether it is the case, for example, with the Ministry of
[12:05] Finance, for specific government projects or, in the case of the Central Bank,
[12:11] for monetary policy. So the opposite happened today. The Central Bank repurchased
[12:18] securities from the financial sector. Okay then through that auction, because the market,
[12:28] that is, the banks, are going to have that availability to be
[12:33] able to repay to the Central Bank a part of the facility, because it
[12:37] is actually one hundred and four billion. I remembered the expansionary policy that you
[12:41] mentioned, right, that' s right, so we talked about liquidity there.
[12:46] Right. In the end, the issue of liquidity is a supply and
[12:48] demand issue. The greater the supply of pesos or money has the financial system,
[12:56] because the rates are going to be lower and the contrary, the contrary,
[13:01] if there is a shortage of liquidity, that is, we do not
[13:05] have so much money in our pocket to invest, to place in a savings
[13:09] account, in an investment fund, in a mutual. So, that makes
[13:13] the rates go up. Ok So, aside from liquidity, I would say
[13:18] that another important indicator is the monetary policy rate. Exactly explain it. We
[13:22] ' ve done several videos and I can tell you that no matter how many
[13:28] videos we do, they come back and ask each other from time to time.
[13:30] Don' t make people. Obviously, tell me what that is all
[13:33] those three PM aha monetary policy, then what you eat that one with.
[13:37] Jennifer, the good TPM. The monetary policy rate is simply a monetary policy
[13:43] tool that the Central Bank has to say give a reference to how the rates
[13:48] should be at the interbank level. I mean, if the low monetary policy
[13:54] rate is a let' s say a sign that the rates are going to
[14:00] go down and the opposite is, if the Central Bank increases its monetary policy
[14:03] rate, then the rates are going to go up. So what' s
[14:07] going on with the Central Bank? Ladies and gentlemen, every month the Central
[14:11] Bank publishes its monetary policy statement aremes. Every month, everyone. I remember
[14:16] when all the investors were on the rise that we more slogans, two workshops
[14:20] get ready to invest it. Now waiting for her good, so it'
[14:24] s all going up, ma' am, but not the other day that
[14:26] she was with this exact inconcano. So, in that monetary policy statement the
[14:33] Central Bank announces is going to raise or lower the monetary policy rate. Then
[14:37] the military policy rate. At that time it is at seven percent yes ok
[14:41] and has since the month of November without any variation of two thousand twenty-
[14:46] three, that is to say that it has all this two thousand twenty-
[14:52] four and the end of the two thousand twenty- three exact. Then what
[14:54] does it tell you? That is a good thing that the Central Bank has
[14:58] been comfortable with keeping rates at current levels. OK. So if another thing
[15:05] that the Central Bank looks at a lot, for example, is international rates,
[15:09] specifically the United States, and Laura, that' s the whole expert,
[15:13] because Laura, as she lives there lara, is really following the FE,
[15:16] and she' s taking it. We start clearly, precisely, then,
[15:24] that is, the Dominican economy emulates the US economy a lot, so
[15:31] what still happens the FE hasn' t moved its cups, so that,
[15:35] that is, it doesn' t encourage the Bank to adjust its rates locally.
[15:41] OK, exactly, so I' d tell you that, apart from
[15:46] the monetary policy rate, another key indicator is inflation, because, well,
[15:52] the Central Bank has exact inflation targets ok. Right. Everyone who follows economic
[15:58] tato must know that and what the goal is. You guys are right,
[16:02] like you' re on YouTube bass. All right, the Central Bank'
[16:07] s target, inflation targets, or inflation target is four percent plus one means
[16:10] it can be in the range of three to five percent right. So,
[16:15] currently the last published data that is warm is three point two percent. It
[16:22] is within the target range, but it has room for increased inflation, inflation,
[16:27] which is simply a price measurement. Okay, so my higher inflation,
[16:33] the higher the prices and you' ll say good, but I don'
[16:36] t want prices to go up. What happens is that in the end it
[16:38] is a goal. Then it has the space to do expansionary monetary policy and
[16:44] to increase inflation. OK. So that' s an important fact that people
[16:48] have to always look at the Bank' s page centered on the first Yes,
[16:52] that comes out in the first few, something that with a lot of
[16:57] macro- economic indicators, that' s the first one that came out accurate.
[17:00] Yeah, Jenny and you think we' ve already reached the peak of
[17:03] the cup lift Look. I think so, and I also think they could
[17:08] be kept a little longer, because still the fet doesn' t adjust their
[17:15] cups. We have already explained to them commitment. I mean, financial institutions
[17:19] have commitments to the Central Bank that they must pay OK and that' s
[17:25] going to be good. We compete for the liquidity in people' s pockets.
[17:30] Exactly then those commitments let' s say that' s the first semester
[17:37] of next year. We must have paid everything, I understand, so that
[17:41] ' s gonna keep them a little bit more ok in this little while.
[17:45] Jenny, I think you have addressed the main doubt of the listeners and our
[17:51] followers who have seen how I repeat what you were saying. Since November two
[17:56] thousand twenty- three has maintained the rate at one to seven percent. Yes,
[18:00] we are in that July two thousand twenty- four we continue with seven
[18:04] percent and they who were so used to seeing that when the Central Bank raised
[18:08] their TPM, because it was that the rates went up then now they walk
[18:14] like short circuit of what is happening. But they' ve really stayed the
[18:17] same and look at how they keep rising to rates. Then you see that
[18:19] not all for fear. Gentlemen, there are other economic variables that affect the
[18:26] movement of active and passive rates. How is the liquidity that you just mentioned
[18:30] exactly and the restrictive expansionary policies that the Bank takes? So it is,
[18:34] all these variables influence and the very interesting thing is qmy Lau, and that
[18:40] they all know. Monetary policy measures take time to transfer accurately, then not
[18:45] necessarily, because the Bank focuses on lowering or raising its monetary policy rate immediately.
[18:49] We' ll see it reflected in the audience and the audience that the
[18:55] cia that comes Sometimes they saw it on Friday and Monday. That' s
[19:02] right. However, those are super important tools for people to negotiate the terms
[19:06] of their investments. Yeah, why, but because that knowledge you have of
[19:11] those variables we just talked about, it' s going to allow you to
[19:15] have a better negotiation. At the time of sitting down with your business officer,
[19:21] look, I' ve got plenty of liquidity. I want to invest
[19:23] it that you offer me maybe the loan. As King On said, I
[19:27] have the real estate goal. I know that the TPM dropped it, because
[19:33] you can wait a moment to see if they' re going to pull out
[19:37] when you go at those rates, that is, take advantage of rates like
[19:41] those that approve variables. If that' s fixed, you' re tied
[19:44] up then in that same order to a person who' s going to take
[19:47] a loan. Now that we know the rates are high, you' d
[19:52] recommend them. Then they took pra estamo with a fixed rate at a shorter
[19:56] time or longer, or it is very unfaithful look, I would tell you
[20:03] to take it at a shorter time, because if the rates go down,
[20:06] they will eventually go down, please note that it goes in the banks.
[20:08] We need them to go well, because because because of the cost, right,
[20:15] yeah, in the end it' s a cost issue. That is,
[20:17] banks live from a margin between the cost of the pickups and the cost,
[20:21] truth, or let' s say what they charge to the public or
[20:26] the active fees they charge. Then I' d tell you to tie up
[20:30] as soon as possible with a fixed rate. Maybe it would be a good
[20:33] move. That' s what I' d do Okay, Jenny, you
[20:40] can tell us as soon as active rates and passive rates are around. Well,
[20:41] very diverse. Why because it' s going to depend a lot,
[20:47] as I commented on what is the need for liquid and that each bank has
[20:51] for those commitments. But let' s say we' re in a beak
[20:55] of cups right now. So we' re seeing cups of this one by
[21:00] ten percent. I have even seen cups of a fifteen on the market for,
[21:06] for example, mutual certificates of deposit, i e it depends a lot
[21:11] on the actual entity and obviously on the mos have reached fifteen, i e,
[21:15] it is seen yes, yes, yes and above all very short term
[21:18] liquidity. I mean, we' ve even seen fifteen- and- a
[21:25] - half cups for liquidity. Let' s say one day over night ok
[21:30] then that, well, obviously it' s transferred to active rates, because
[21:34] banks actually live off that sea. Yes, yes, then it' s
[21:38] going to depend a lot on each entity but the cups are around fifteen to
[21:45] twenty- five percent, depending on the type of loan you take, if
[21:48] it has guarantees, if it doesn' t have guarantees, act if it
[21:52] ' s personal, then we' re talking about twenty- two so much
[21:59] thirty and so exact mortgage is always the one that has the best rate,
[22:03] a two to a fourteen. I bought it was mortgage when we' re
[22:03] but right now I' ve also seen it up to fourteen. He entered
[22:07] talking about me taking it at nine and eight, so it' s really
[22:11] a pretty big spread, same in America. Laura counts, for example,
[22:15] your experience and the two exact mortgage loans as Jan I mean, the FE
[22:22] hasn' t dropped tassa. We' re all waiting for more in the
[22:26] afternoon, because well, in my house, because I was taking a loan
[22:30] and I tell you that well, if we see pandemic rates, mortgage loans,
[22:36] you can get it to a two point five three percent annual taa fixed
[22:41] for thirty years. Gentlemen, let that be happiness. I have friends,
[22:45] literally that happiness. I have friends who in pandemic got this cup two thousand
[22:48] vens, two thousand twenty- one. I bought my first mole in two
[22:51] thousand twenty- two. I got a five point, five percent. They
[22:55] ' d already gone up there compared to the pandemic, but they weren'
[23:00] t that high yet. And recently, that is, about two months ago,
[23:04] they reached their discharge, the highest they' ve reached seven point twenty
[23:07] - five percent. I could get mine six point five percent, because it
[23:12] ' s changed a lot. I mean, there are weeks that you get
[23:15] to seven hundred and twenty- five, but the next week it went down
[23:19] to six point five. So today, for example, I saw a news
[23:22] story that went down a little bit further and it' s at six point
[23:26] seven. Then it has varied a little bit from that, but it has
[23:29] remained above six point five. Yeah, for a mortgage loan rate, which
[23:33] is the most, like you said, the one with the lowest rate.
[23:37] Yes, the advantage is that it' s fixed for thirty years, but
[23:41] already that two percent annual testa. That was a pandemic, not even me.
[23:47] I mean, it' s amazing, how the economy can totally change
[23:51] your financial landscape, your plans. I remember when my wife and I went
[23:55] to Orlando in two thousand twenty of September Pandemia and we stayed in an airbnb
[24:00] and already said wow. But this is a bargain to be okay b and
[24:04] we got some. We dropped the number. We contacted, like, there
[24:08] were sales signs. We contacted the seller, he told us the price.
[24:14] At that time they were like a hundred long, two hundred few, a
[24:19] super three bedroom apartment near the parks, with beautiful complex, with swimming pool,
[24:25] etcetera. And I said okay, I, I need to create credit
[24:27] here, because this is a very good business. The cups were on the
[24:32] 12th and the 2nd and the beak. In case they heard the 12th and
[24:36] peak and the years passed one or two years. I shared the whole process
[24:41] of how you create my credit in America through TEUs I have a video of
[24:45] that. And, gentlemen, the goal has not come, because how do
[24:49] I enter when already a property that cost you a hundred long and percent.
[24:55] Now it costs you maybe five hundred thousand dollars and a tas eleven and picks,
[24:59] that is, you know him changes the game. Yes, the investment
[25:02] already to make an investment in America. So, you take advantage of it,
[25:07] you either have to go to states or cities that aren' t as
[25:12] popular as Orlando Miami, or maybe buy something not so modern and rent it.
[25:18] But the truth is that both prices and cups have gone up a lot
[25:22] and as Jenny said, the Fed hasn' t gone down yet. And
[25:26] that' s what you were saying that we also see a lot of that
[25:30] fet rate behavior here because I imagine that the Central Bank doesn' t want
[25:33] to lower that rate so much to be very similar to the fet because the
[25:38] flows to the United States go away and we don' t want that right
[25:42] either. Corfecto, no. And in the end it' s also a
[25:45] topic of what our Central Bank is telling us, that is, if the
[25:51] rates are so high, what does it mean good, that it' s
[25:55] looking for investment, that is savings. If the rates are low, it
[25:57] ' s time to spend, borrow that the coolest part, so the mind
[26:03] has to call the Central Bank. Look at the hand plan of the indicator
[26:08] that he said he hears you can see on the Central Bank website and I
[26:11] feel that' s a long way from it. The agent involves this to
[26:18] the decision- making that I have to know. How is the inflation that
[26:22] I have to know what the Central Bank is doing with the monetary policy rate
[26:26] and the episode is how these help. Yes, people embalm, with the
[26:30] shepherds, with the economic issues and it is because of the difficulty in your
[26:34] understanding through a newspaper, through an article, again of a miscounted video,
[26:37] perhaps accurate, then yes, really jen. I think this episode contributes a
[26:45] lot so that people can perhaps arouse that spark of curiosity with the economic issues
[26:48] to enter that page of the Central Bank. Those who don' t know
[26:53] it are van Central or here they can find everything we' re talking about
[27:00] now and lots of information, plus all the updated news, right and now
[27:07] a little break to ask a question that I' m sure will save us
[27:11] a lot of time, as well as when you' re in a hurry
[27:15] and you don' t want to waste a minute. Kim and pre-
[27:17] involves by Whatsapp your next tests in reference to the clinical laboratory, the little
[27:22] question that you get so, so, so, what stage of life you
[27:26] feel is fundamental to creating a good relationship with your finances. Uf Lords UFFF,
[27:30] for me the fundamental stage is since you are a young man. You
[27:36] know you can already understand that money is built when the basis of effort,
[27:42] that you have to take care of what doesn' t fall from a tree
[27:45] and so on. It is already suitable for you to be educated in the
[27:48] subject. Unfortunately, in our country, because they may not educate us in
[27:52] the stages, such as schooling, that if university, they do not educate
[27:56] you perhaps on the subject, but I do urge parents who are involved in
[28:03] learning how to transfer this information, to this education will finance their teenage children,
[28:10] even when they go, then, freeing themselves a little bit of perhaps
[28:15] from schooling, school, school and college, and passing college, and that
[28:22] they can help them manage the financial products, the concepts of savings, investment,
[28:26] debt, credit cards to avoid getting into real life now with so many
[28:32] doubts and perhaps making mistakes that could have been avoided with a simple conversation.
[28:38] Definitely, we have to be proactive with that financial education that, as you
[28:44] say, they don' t give us in school, but as parents,
[28:48] we must perhaps leave that legacy to our children that will avoid many financial mistakes
[28:52] that we may have made and start from childhood, as you said ah first
[29:00] baby at five years old with a piggy bank, ok, let' s
[29:03] teach him the sucker. I was teaching my little nephew the word investment,
[29:06] that that savings is going to grow more. He' s got to do
[29:10] nothing and he' s ah but now I want to make it up.
[29:11] So looking simply is how to proactively educate our teenage children so that at the
[29:17] end of the day they start, whether it' s their working life,
[29:21] their life as a couple, because in the right way and make the best
[29:25] decisions for that financial freedom. Yes, this little time you spend in contributing
[29:30] to that real financial education that' s going to totally change his life.
[29:36] There' s some other information you want to make it clear to the public.
[29:40] We can' t all put the night in. Thank you. I
[29:44] ' m happy another important fact, which is always good to check is the
[29:51] image. IMA is an index that measures a country' s economic growth.
[29:56] Okay. So the i mae is a is an OK sense port. So,
[30:02] countries usually have economic growth goals ok. So, in the case,
[30:10] for example, of the Dominican Republic, the World Bank Monetary Fund estimates that
[30:15] the economic growth of the Dominican Republic will be at the end of the year
[30:18] by about five percent OK. And currently the image is at four point three
[30:23] so what I want to say is that good that in order to achieve that
[30:30] economic growth must come an expansive monetary policy, ok where liquids are provided to
[30:36] the market, it goes down in the cups and everything that we discuss about
[30:40] the rest indicates good that they are intertwined, and that is also on the
[30:45] side of the main page of central white next to and all of inflation.
[30:47] So this indicator. That too is not a sign of what you were saying,
[30:51] that perhaps we have already reached the peak to keep it a little,
[30:53] but perhaps there is that expansionary policy to move money into the right economy.
[31:00] Jennifer is expected to have some typical auctions in the next few months of the
[31:07] clear bances, of course already. In the last quarter there are several maturities.
[31:11] It' s very likely that the Central Bank wants to roll over that
[31:15] debt, but I' ll see it decides well. I understand right now
[31:18] that it is not prudent for me to let this liquidity flow into the economy.
[31:23] Or and then, when I say let flow, it' s that
[31:27] Kimberley, who had a Central Bank title, which expires in October, I
[31:33] ' m going to let him win and Kimberly is going to receive both his
[31:37] coupon money and his equity money from the exact bond. Then they pull out
[31:44] a new titula so that people re- hook to invest in them with a
[31:48] longer dance. That is exactly what we expect, indeed that is what will
[31:52] happen, but at the same time we have the financial institutions that commitment to
[31:59] the Central Bank. True, then it might be that the Central Bank might
[32:06] let some part of that liquidity flow, or that some part of its maturities
[32:10] did not grab them. Lover ok ok. The truth is that the work
[32:15] of a bank treasurer I see beats you I don' t know how you
[32:22] don' t That' s a technique, That' s stage and it
[32:31] ' s interesting, super sir, but very exciting and very nice. It
[32:36] ' s really like a constant adrenaline. You don' t know in your
[32:40] day what your day will be like, because you have no idea what exactly
[32:43] is going to happen. It' s so cool. You have to have
[32:45] like a nine Walster TV on to see what they' re thinking. Yes,
[32:49] because everything influences both the market and your own situation, your own commitments,
[32:54] as a bank. So, during the day you have to plan which
[32:59] one is going to be uida. If you want you' re going to
[33:01] have to meet those commitments, how are you going to get it in case
[33:05] you don' t. Whether it is the truth that you are all different
[33:08] these two days you are bored with your work, because every day you are
[33:14] the same. If you don' t want that, you like the banking
[33:16] and you want me not bored, you want to excite ana, then you
[33:22] work at a treasury that hear economists who are studying now who don' t
[33:29] live asking where you recommend me to work. It' s sory, yes,
[33:31] it' s yes, yes, yes, but it' s super,
[33:35] super interesting. It' s a very nice job. The truth is
[33:37] not, and you can tell that you enjoy it You can also see in
[33:43] your way of speaking that you like to pass too. Oh. Yes,
[33:45] I really like it very much and that' s why I think I connect
[33:49] a lot with your content, because I love the simple way you explain things.
[33:54] I mean, really. They' re all doing a real job for
[34:00] this awesome one. I really congratulate you, Jenny. Thanks to the truth.
[34:04] The truth is that the easiest way for someone to put into practice and
[34:07] change their life is for me to understand it, because it' s no
[34:12] use telling you a story, telling you information that you know is super important
[34:16] in your life, but you tell them in a way that makes you look
[34:20] smart. But he didn' t understand you, he didn' t get
[34:23] the idea. Then you don' t have it anymore. You don'
[34:25] t have to make sense ah clear and besides, that' s going to
[34:29] help people make better decisions than in the end, that' s going to
[34:34] positively impact your financial landscape and the goals that each of the people who follow
[34:37] it have exactly and take advantage of the opportunities of the moment, because a
[34:42] person who doesn' t educate and doesn' t know that the rates are
[34:45] as they are, maybe you can' t take advantage of those investments at
[34:50] this higher rate and you keep the same thing in tonces it' s always
[34:55] good to stay educated and as Kem says it' s that of the news
[35:00] with technicality, in the end it doesn' t get the least, it
[35:05] doesn' t get to the communication, because people ok I read it but
[35:05] I didn' t understand anything or it seems to you. You think it
[35:07] ' s super boring. Also because, gentlemen, I mean, we'
[35:09] re serious, it' s boring. I' ve got more fun there.
[35:14] Yeah, but what do you want to know is how exactly that translates
[35:19] into my life in sotemanity. Now what do you say. There are times
[35:22] when they send us news and say talk about it. Please talk to Cucheritas.
[35:24] Yes, yes, yes, yes, in order to understand it,
[35:29] yes definitely, for example, at this moment I am spending every expense,
[35:35] I am measuring it because I want to take advantage of these rates. I
[35:37] mean, this is a historic moment that yes, that is, reducing your
[35:42] expenses to a minimum to try to get on as many instruments as I can.
[35:46] I mean, good advice. We, when we were at our financial
[35:51] fair last week, finance with Cucharitas, were telling the public, in our
[35:57] investment talk, of what, gentlemen that you are here at this time is
[36:00] suitable, because we are facing historically very high rates in many products, so
[36:07] that you are here to go out and take advantage immediately. I saw the
[36:10] announcement of the fair. I said no for timing. It' s,
[36:15] as you can, perfect, perfect, because the truth and the good thing
[36:19] is that you heard the knowledge and that right there you could put it into
[36:22] practice, because it' s situations yes, it' s meant or everybody
[36:25] was already, that is the market, but you' re not. People
[36:27] were signing again opening up their investments, and that changes lives. This changes
[36:32] life. Starting to invest is, this truth, something fundamental in your personal
[36:38] finances. People didn' t see it like that before. People saw it
[36:42] as saving it, saving it, saving the oz for tomorrow. But now
[36:45] the mindset has changed you. But if you knew that it' s even
[36:49] addictive when you see your heritage, grow up, oh, yes, gentlemen,
[36:52] that' s not what it has, it has no words, that
[36:58] ' s one thing that you get excited about, you feel like pussy.
[37:00] I made it, I' m making it, I' m achieving my
[37:04] goals. I' m going to be able to accomplish this too. I
[37:06] mean, the truth is, for me, that' s me I'
[37:10] m telling you, look at my house. I tell you a black hole
[37:14] of savings aha aha truth, so we tell you my husband the black hole
[37:19] of the hour. What went in there is not taken out or touched,
[37:22] okay but is reversed, yes, of course, invested, of course,
[37:28] everything invested, every exact sitting. And I, that is to see that
[37:31] grow, gentlemen, that is to have that fi that quote financial forgiveness.
[37:37] With my partner. He sat down to greet my husband because having that financial
[37:43] date we talked a lot, because we' re both bankers. Then we
[37:49] spend all our time talking about ourselves is not ours or that we don'
[37:53] t have a lot of fun. So we talk a lot about those financial
[37:59] decisions and you don' t believe it, but I' ve still been
[38:02] helped by a lot, a lot of sas. I didn' t sleep
[38:05] all the time. I' m already giving you things that American market time
[38:08] publishes. I look at my love. We have to make everyone look for
[38:13] something I love it It turns what does, yeah, it' s really
[38:15] super good. Oh, that' s good. That' s very important
[38:19] to have that impulse, that couple and because at the end of the day
[38:23] all have the same goal. So that you can reach it, first in
[38:27] a fun way, because you enjoy it and, second, generating interests.
[38:31] With those apparitions they get to all those dreams faster. Oh yeah, hey
[38:37] Jenny, that' s too good this episode, so I feel like it
[38:39] ' s going to contribute a lot. Oh, how cool I have to
[38:43] make you several. Uh, yeah, when you want, I' m
[38:45] happy because you say you know that I' m a fan and that the
[38:50] economy changes so much every once in a while. Or the policies those same
[38:52] variables, so it' s an episode that can have you a part,
[38:54] two, three, four totally okay I' m counting on. Well,
[39:00] well, a thousand, thank you for your time, for your dedication to
[39:06] supporting us on this subject. Gentlemen, this is an episode that is worth
[39:08] gold, it' s worth money, so you have to share it so
[39:13] that more people can have this information and be able to impact it. I
[39:16] ' ll see you next time. If you liked it you already know how
[39:22] to share and comment below. See you at the next Chao Bye.

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