The usury rate has been falling for 17 months, remaining at 28.17%

The Financial Superintendency of Colombia certified in October that The usury rate will be 28.17%, which represents a reduction compared to September, which was 28.84%.

This tendency to The reduction in the maximum interest rate for consumer loans completed 17 monthsduring which banks have been competing to offer better loan conditions to their customers.

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The behavior of inflation has been the key variable, which has also allowed the Bank of the Republic to begin a cycle of reduction in its monetary policy intervention rate and generate the expectation in the market of a cost of money with a tendency towards lowers it.

This occurs in an external context of falling interest rates by the world’s main central banks, helped by lower inflation figures and the need to boost the growth of economic activity in their countries.

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The usury rate is the maximum interest that a financial institution can charge its clients for consumer and ordinary credit.so it is feasible that banks will continue to lower the rates on their financial products, such as credit cards. In this way, purchases that people make by deferring their payments over time would be less expensive.

Analysts also expect that This downward movement in interest rates continues to drive the recovery of consumption and increase the application for loans, after a lower dynamic in the amounts of loans granted in the last year.

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