Minutes after the Banco de la República announced a new increase in the interest rate, which stands at 13.25%, The Financial Superintendency of Colombia set the usury rate, which for May will have a decrease of 168 basis points (1.68%) compared to the previous period.
(Banco de la República increased the interest rate to 13.25%).
For the modality of consumer and ordinary credit, the usury rate will be 45.41% effective per year.
For the purposes of the norm on usury defined in the Penal Code (Article 305), the person who receives or collects, directly or indirectly, in exchange for a loan of money or for the sale of goods or services in installments may incur in this crime. , utility or advantage that exceeds half the Current Bank Interest that for the corresponding periods the banks are charging.
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