interest rate caps | Asbanc maintains that there is room to lower the interest rate without caps | YOUR MONEY

Congress approved -in the morning- the bill that sets interest rate caps on loans provided by financial institutions, now if there is no government observation, the determination will pass to the Central Reserve Bank (BCR) of the maximum rates.

Martín Naranjo, president of the Association of Banks (Asbanc), indicated that this type of measure requires more debate, dialogue and reflection, since there are several concepts that are neither precise nor true.

Undoubtedly, the draft of the Consumer Defense Commission did not go through other commissions of Congress, nor does it have the technical opinion of the Superintendency of Banking and Insurance, nor of the BCR and nor of the MEF, although the head of the MEF said in the day before its approval would bring with it credit limitations and greater credit informality.

Meanwhile, the Morado party, linked to the government of President Sagasti, put its focus on controlling interest rates, but only for consumer credit.

It should be remembered that a few days ago, the Minister of Economy, Waldo Mendoza, asked the banks to give up something, otherwise rope and goat would be lost. It seems that this is about to happen.

-Can the interest rate be lowered without caps? –

One of the topics that most accentuated in the debate is the interest rate for consumer loans, and in light of this Martín Naranjo commented that, on the subject of credit, the money that is generated from the same credit must be considered, This is done mainly in productive and not consumer loans.

Meanwhile, in consumer credit, this is a product that is used to manage spending at home and “there the conditions are different,” he says.

Along these lines, it maintains that regulation of consumer loans emanates from the Superintendency of Banking, Insurance and AFP (SBS) and from there the entities serve with greater or lesser intensity, much of which depends on the capital provisions required the regulatory entity.

Given this, he explains that although the function of the SBS is regulation and not promotion; However, recognizes that keeping the balance of competition there is room to provide better conditions in consumer credit.

In the same way, it maintains that there are other actions such as those carried out with the Government, for productive credits, as has already been seen this year as is the FAE Mype and others, in addition to Reactiva Peru with the participation of State policies , which has made it possible to improve conditions in the financial market.

He mentions that, in this scheme, there is space for the participation of state banks, such as Banco de la Nación, Cofide and Mivivienda, which can articulate it with private banks; as well as financing funds.

– .