According to the Colombian Banking and Financial Institutions Association (Asobancaria), in items such as credit cards, business loans and microcredits you can see an increase due to the decision in interest rates. Most of these loans have a variable rate that can be between 47% and 100%.
For this reason, the credits that can have a direct impact on the decision of the Banco de la República are those negotiated at IBR rate and commercial loans.
The home loanswhich has a large part of the citizens, are protected by subsidies, guarantees and high competition.
The decision to increase the interest rate by 150 points is the largest increase so far in 2022. According to the Board, the measure is compatible with the strength that economic activity has been showing in recent quarters.
