The Financial Superintendency issued this Friday, August 30, Resolution 1688 of 2024 by means of which it sets and certifies the Current Bank Interest cap for the modalities of Consumer and ordinary credit, higher-amount productive credit, rural productive credit, urban productive credit, rural popular productive credit and urban popular productive credit.
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Consumer and ordinary credit
According to the weekly information reported by credit institutions between the weeks ending August 2 and August 23, 2024, the current annual effective bank interest rate for consumer and ordinary credit is certified at 19.23%, which will be valid between September 1 and 30, 2024.
The new certification represents a decrease of 24 basis points (-0.24%) compared to the one in force in August 2024 (19.47%).
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Productive credit
According to the weekly information reported by credit institutions between the weeks ending August 2 and August 23, 2024, for productive credit modalities, the current bank interest is certified in:
-Higher productive credit amount: 26.69%.
-Rural productive credit: 17.04%.
-Urban productive credit: 34.63%.
-Popular rural productive credit: 49.70%.
-Urban productive popular credit: 57.84%.
Current bank interest
The current bank interest is the basis for calculating the maximum value of the remunerative and default interest defined in the Commercial Code (article 884) and for determining the effects of the usury rule defined in the Penal Code (article 305).
-Consumer and ordinary credit: 28.85%.
-Higher productive credit amount: 40.04%.
-Rural productive credit: 25.56%.
-Urban productive credit: 51.95%.
-Popular rural productive credit: 74.55%.
-Urban productive popular credit: 86.76%.
PORTFOLIO
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