The interest rates of the term deposits in the municipal boxes have shown a downward trend throughout the year. At the end of July 2025, the performance offered by these products was 4.14%, compared to 4.82% registered at the end of 2024, which represents a reduction of 68 basic points. The fall has been given almost continuously month to month.
Walter Leiva, Central Business Manager of Caja Ica, said that this decrease responds to the municipal boxes maintaining high levels of liquidity. During the International Microfinance Summit Summic Cuenca 2025, he explained that the credit has been growing at an interannual rate of 8.5%, which has reduced the need to capture more deposits.
For his part, Javier Bereche, president of Caja Piura, added that another factor behind the liquidity of these entities have been the profits recorded in the year. According to the Superintendence of Banking, Insurance and AFP (SBS), the boxes of the boxes reached S/302.4 million at the end of June, a growth of 383% compared to the same month of 2024. This performance, said Bereche, has allowed the boxes to lower the rates of their deposits.
In Leiva’s opinion, the reduction of rates would already be close to touching an apartment in the coming months. However, he clarified that this would not imply a change in trend, but a stagnation around 4%, conditioned on the evolution of the reference rate of the Central Reserve Bank (BCR).
DATA
- The term deposits of the municipal boxes fell 6.6% to June.
- Savings in boxes grew 21% in the first semester, but paid an average remuneration of 1.72% per year.
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