In compliance with the Law that protects consumers of financial services from usury (Law No. 31143), published in May 2021, the Central Reserve Bank of Peru (BCRP) is responsible for establishing maximum rates allowed for credits. consumption and MYPE of the financial system. Currently, the maximum rate in soles is 101.86%, but, for the period from May to October of this year, it will rise to 109.83%.
Jorge Carrillo Acosta, professor and finance expert at Pacífico Business School, points out that the new limit represents double the average rate of consumer loans in the financial system in the period October 2023 – March 2024, according to the methodology used. Although this measure was implemented in order to establish a cap on interest rates in order to reduce the collection of some products, such as the credit card cash withdrawal fee, this would be beneficial for the cardholder, but would harm lower-income people or even new entrepreneurs, restricting access to credit for almost half a million people to date.
“Practically, they They are excluded from the financial system, having to resort to informal lenders, with the high cost and exposure to criminal collection methods that this implies,” adds Carrillo.
According to the expert, the same specialized organizations, such as the BCRP and the Superintendency of Banking, Insurance and AFP (SBS), They recognize that this measure goes against financial inclusion. “Likewise, this measure mainly harms the smallest financial entities, which are those that serve informal clients, limiting their volume of placements. Since its implementation, in May 2021, until May of this year, the maximum compensatory rate of the financial system would be growing by 26.43%,” warns Carrillo.
Evolution of the maximum rate
The evolution of the maximum rates in soles has been as follows:
• May 2021 – October 2021: 83.40%
• November 2021 – April 2022: 83.64%
• May 2022 – October 2022: 83.70%
• November 2022 – April 2023: 87.91%
• May 2023 – October 2023: 96.32%
• November 2023 – April 2024: 101.86%
• May 2024 – October 2024: 109.83%
Source: Larepublica
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