The Financial Superintendence of Colombia announced this Friday that by February the usury rate will be 45.27% effective per year for the consumer and ordinary credit modality.
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This result represents an increase of 201 basis points (2.01%) compared to the previous period. In January the figure was 43.26%.
For the microcredit modality, the rate is 39.20% and is valid from January 1, 2023 to March 31, 2023.
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Regarding consumption of low amount, the rate will be 29.37%.
These rates correspond to the current bank interest for each of the aforementioned modalities.
The Superfinanciera also recalled that those who collect or receive interest commit a crime. The crime, according to the Criminal Code, is charging more than half of the Current Bank Interest that the banks are charging for the corresponding periods
Jeisson Balaguera, CEO of Values AAA, explains that the usury rate is the maximum interest that a financial institution You can charge your customers for consumer and ordinary credit, such as credit cards, among other modalities.
The expert points out that this increase in the usury rate, as well as the increase in the interest rate, will lead users to pay much more for a loan at this time.
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Also, this Friday, the Bank of the Republic decided to increase its interest rate by 75 basis points, which reached 12.75%, at the first monetary policy meeting of 2023.
So much total inflation (13.1%), as well as core inflation (excluding food and regulated items) (9.5%) they continued with their growing trend in December, reaching records higher than those estimated by the technical team and market analysts, a situation that leads to a new increase.
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