The usury rate, the maximum that banks can charge for purchases with credit cards or regular credit, falls again for the month of June and amounts to 44.64% effective per year.
The cut equates to a 77 basis point decline from May this year, when it was 45.41% year over year.
The rate certified by the financial superintendency reached an all-time high of 47.09% in March this year.
For its part, the effective annual current bank rate for the consumer and ordinary credit modality that will be in effect between June 1 and June 30, 2023 is 29.76%, which represents a decrease of 51 basis points compared to the previous certification (30, 27 basis points). %).
This trend in the rate shows that the gains that took place up to the first quarter of this year are starting to ease.
All this is complemented by the decision of several financial entities to lower their interest rates for purchases made with low-quota credit cards and requesting purchases of goods that are part of the family basket.
The cycle of benchmark interest rate hikes of the Banco de la República is also expected to end at the June board meeting as inflation shows signs of improvement. Banrepública’s manager, Leonardo Villar, assured that inflation would already have peaked.
Source: El heraldo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
