On December 29, Resolution 1968 was issued by the Financial Superintendent, establishing the bank interest rate applicable to ordinary consumer credit for January in its different categories, as well as the microcredit interest rate for the first quarter of 2023.
Regarding consumer and ordinary credit, a bank interest rate of 28.84% was set for the month of January, representing an increase of 120 basis points (1.20%) compared to the previous certification (27.64%).
In the case of microcredits, this interest rate was set at 39.20% for the first quarter of 2023, representing an increase of 225 basis points (2.25%) compared to what was previously recorded.
It should be noted that through Resolution 1327 of 2022, the current bank interest rate corresponding to low-amount consumer credit was set as follows:
Credit modality: Low-amount consumer credit
Current Bank Interest Rate: 29.37%
Validity: from October 1, 2022 to September 30, 2023
Regarding the usury rate, it is established that interest rates cannot exceed 1.5 times the current bank interest rate. Therefore, the corresponding value for consumer and ordinary credit is 43.26% effective annual rate, which translates into an increase of 180 basis points compared to the previous period. Meanwhile, the corresponding value for microcredit is 58.80% effective annual rate, representing an increase of 337 basis points compared to the previous period.