The Authority for Consumer Protection and Defense of Competition (Acodeco) publishes the report corresponding to February of this year, which compares costs, nominal interest rate and the annuity of some credit cards and financing issued in the Republic of Panama.
The Authority for Consumer Protection and Defense of Competition (Acodeco) publishes the report corresponding to February of this year, which compares costs, nominal interest rate and the annuity of some credit cards and financing issued in the Republic of Panama.
The Authority for Consumer Protection and Defense of Competition (Acodeco) publishes the report corresponding to February of this year, which compares costs, nominal interest rate and the annuity of some credit cards and financing issued in the Republic of Panama.
A few days ago, the Authority for Consumer Protection and Defense of Competition (Acodeco), released a report corresponding to last February, which compares costs, nominal interest rate and the annuity of some credit cards and financing issued in the Republic of Panama.
This report details that the Visa or MasterCard business, corporate or company, Citibank, SA does not charge nominal interest (0.00%), while for the same card MMG Bank Corporation charges 9%.
The lowest average nominal interest rates in the market for classic or traditional Visa or Mastercard cash black is 13.50% from Cooperativa de Servicios Múltiples Profesionales RL and 16% from Banco Nacional de Panamá; while the highest (28%) is from Banco Ficohsa Panama, and 25.85%, from Banesco.
The National Director of Free Competition of Acodeco, Marco Carrizo, stated that in the United States the Federal Reserve plans to increase interest rates to try to contain the increase in the inflationary process. “Inflation has reached seven and a half percent there, which is the highest in the last 40 years. With the pandemic, the prices of many goods and services, raw materials, began to rise, and now with the conflict between Russia and Ukraine The situation is getting worse,” he stressed.
He explained that in our country there is no central bank as such, we only have the use of the dollar, but it is not issued here.
“That issue would affect us because half a point there could affect us here by one point or two points in the products; not only in credit cards, but also in any of the financial products that can be loans and the value would increase of the money from these services: mortgages, car loans, etc,” Carrizo said.
