The Financial Superintendence of Colombia said that the usury rate for May it will be 29.57% annual effective for the consumer and ordinary credit modality. This result represents a 99 basis point (bp) increase in relation to April (28.58%) said the entity.
(At different rates, debtors feel rate hikes).
For his part, the Current Bank Interest annual effective rate for the consumer and ordinary credit modality will be 19.71%. This represents an increase of 66 bp in relation to the previous certification of 19.05%”, said the Financial Superintendent.
(Transmission of Banrep’s rate hikes to credit has been rapid).
The Financial Superintendent said that the remunerative interest and moratorium may not exceed 1.5 times the Current Bank Interest, that is, 29.57% annual effective for the consumer and ordinary credit modality.
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