After confirming that the usury rate for October decreased compared to September from 25.79% to 25.62%, La Repubblica compared the banks closest to this percentage. The usury rate is the maximum level that an entity can charge for any product or service before the law, if passed, it will be penalized.
The economic environment taught that Their interest rates are high Then Scotiabank Colpatria, Banco Falabella (25.61%), Banco BBVA (25.60%), Banco Popular (25.60%) and Bancolombia (25.60%).
On the contrary, those with the lowest level are Banco Serfinanza (24.90%), Finandina (24.12%), Banco Caja Social (24%), Banco GNB Sudameris (22.41%), Confiar Cooperativo Financiera (21.50) and Coopcentral by 18%.
However, the technical vice president of the Association of Colombian Banking and Financial Entities (Asobancaria) told La República that the rate of usury has remained at its lowest levels in the past decade and that the most recent peaks occurred in February and August.
Regarding credit cards, one of the experts told the media that these products always have the highest rates and that each bank determines how close it is to the usury rate. for this part, Superfinanciera reminds and alerts banks about the consequences of exceeding usury rates which can be fines.
“Any person who receives or collects, directly or indirectly, in return for a money loan or sale of goods or services on credit, a profit or advantage exceeding half of the current banking interest for the corresponding periods may be liable to an offence. BanksEntity explained.
Today without VAT in Colombia
The government and analysts sought to find solutions to confront inflation in the country and thus start implementing new alternatives. It was one of those days without VAT, which although it has a huge impact on trade, it also has a positive effect on inflation.
According to the BBVA technical team, The three days without VAT, which will take place on October 28, November 19 and December 3, could generate temporary inflation relief for items that benefit from the policy.
“with this, General inflation will close very close to 4.8%, but it will accelerate in the first quarter of next year due to the seasonal adjustment of certain rates that depend on the inflation of the immediately preceding year and the minimum wageEntity explained.
The National Association of Financial Institutions (Anif) has updated its inflation forecast for Colombia to the top By the end of 2021, from 4% to 4.9%and from 3.5% to 3.8% by the end of 2022.
“We are conducting this review because the behavior of prices, especially the food component, shows no signs of likely to decrease significantly in the coming months,” the association said.
As the Federation explained, the arrival of the rainy season, which is expected to continue until the end of the year, would bring a new inflation scenario to the country, as The price of food will rise due to the loss of crops It will lead to higher production cost.