during july 25 banks in Colombia recognized their clients an average rate of 12.02% effective for one-year depositsaccording to the report of the Financial Superintendence.
The figure more than triples the one that at the end of the same month of 2021 they recognized and that was 3.17% effective, at the same term of one year, although reported by 24 banks.
With the increase in interest rates by the Banco de la República and the transmission to the financial market, those who have debts have begun to feel the adjustment in their obligations, and therefore On the side of savers, these have seen how entities recognize higher interest rates on their resources.
This situation was reinforced in the seventh month of the year, since the banks, seeking to consolidate stable funding ratio requirements, a figure enshrined in the Basel III agreements (international regulatory framework for banks), have launched to compete for resources , fact that Ultimately, it benefits the saver by being able to find rates above inflation, which for July was 10.21% in annual terms.
It must be remembered that in September 2021, the month in which the Banco de la República began to normalize its monetary policy and raise interest rates, the average rate that banks in Colombia paid their clients was 3.38%, that is, Like what has happened with credits, the transmission of the increase in the main monetary policy indicator of the Colombian issuer has occurred quickly.
The average rates recognized in July by banking entities for a one-year term are, with the exception of a few cases, above the annual inflation of July of 10.21%.
THE BANKS WITH THE HIGHEST RATES
According to information from the Superfinanciera, in July nine banks recognized interests above 13%. These are Scotiabank Colpatria, with 13.56%, Mibanco, with 13.46%, Banco Popular, with 13.33%, Banco Santander, with 13.27%, Banco de Bogotá, with 13.21%, Banco Serfinanza, with 13.16%, Banco Falabella, with 13.12%, Finandina, with 13.11% and Banco Mundo Mujer, with 13.02% cash.
With rates above 12% were the banks BBVA Colombia, with 12.96%; Banco GNB Sudameris, with 12.94%; Coopcentral, with 12.55%; Credifinanciera, with 12.51%; Bank of the West, with 12.43%; Itau, with 12.34%; Banco Pichincha, with 12.27% and Banco Davivienda, with 12.26% cash.
Just above the annualized inflation of July, paying their deposits, were Banco AV Villas, with 11.73% and Bancolombia, with 11.67%.
Some of those that were above 10% include Banco Bancamía, with 10.77%, Banco W, with 10.88% and Bancoomeva, with 10.37% cash.
Below inflation were the Banco Caja Social, with 8.61%, and the Banco Agrario, with 7.65% effective for its one-year deposits.
ON FRIDAY THERE WERE ALREADY RATES OF 13.70%
A survey carried out by Portafolio last Friday among five banks in terms of one-year term deposits, showed that rates close to 14% were already appreciated.
Analysts said that in September, when a new meeting of the Board of Directors of the Banco de la República in which there will be an economic policy decision, a new increase in the interest rate could be given.
Currently the monetary policy rate is at 9% and it is estimated that it could even increase to 10% to deal with inflation, which in July already exceeded two digits.