Usury rate fell from 31.53% in May to 30.84% ​​in June

The Financial Superintendence issued Resolution 1143 in which it certified the current bank interest for the consumer and ordinary credit modality at an effective annual rate of 20.56% in June 2024.

That way, The new certification represents a decrease of 46 basis points (0.46 percentage points) compared to the one in force in May 2024, the month in which it was 21.02%.

Read: Usury rate fell from 33.09% in April to 31.53% annual effective in May

Current bank interest is the basis for calculating the maximum value of remunerative and default interest defined in the Commercial Code (article 884)2 and for determining the effects of the rule on usury defined in the Penal Code (article 305) and which corresponds to 1.5 times the current bank interest.

In the consumer and ordinary credit modality, the remunerative and default interest rate will be 30.84% ​​and the usury rate will be 30.84%, which means that it fell 69 basis points or 0.69 percentage points. .

Read: Why the country’s usury rate would be benefiting credits ‘drop by drop’

The Superfinanciera also certified other rates:

Firstly, it certified the current bank interest for the largest productive credit modality at an effective annual rate of 26.06%, which will apply for the period between June 1 and June 30, 2024.

The current bank interest for the rural productive credit modality was certified at 18.95% effective annually and will also apply for June.

It also certified current bank interest for the urban productive credit modality at 35.26% annual effective in June.

Read: The most recurrent (and necessary) reasons why companies resort to credit

Likewise, the current bank interest for the rural productive popular credit modality during June was certified at 49.14% effective annually.

In addition, it certified the current bank interest for the popular urban productive credit modality for June as 56.40% effective annually.