The Central Reserve Bank of Peru (BCRP) raised the maximum interest rate for the period November 2021 – April 2022 to 83.64%. The last update of the BCRP, between May and October 2021, granted a maximum interest rate of 83.4%, six tenths lower.
In this way, the maximum conventional compensatory interest rates applicable for the period between November 1, 2021 and April 30, 2022 will amount to 83.64% per year in national currency.
In the case of foreign currency, Circular No. 0008-2021-BCRP indicates a maximum conventional compensatory interest rate applicable of 66.08% per annum, for the same period.
The next update of the maximum rates will be made on May 1, 2022, using the average of the month-end observations of the average interest rates of the financial system for consumer loans in the period October 2021 – March 2022.
It should be noted that, after the Congress of the Republic approved at the end of March at the insistence of the law that puts a cap on interest rates, the BCRP gave a methodology to determine the maximum financial cost for new consumer loans, the amount of which is less than 2 UIT, as well as for new loans for micro and small companies.
Thus, since May 10, the maximum interest rate is equivalent to 2 times the average interest rate of consumer loans in the financial system. Said financial cost is calculated every six months based on the rates of consumer loans of the financial system between two and seven months prior to their validity.
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