The Financial Superintendence of Colombia announced this Friday that by February the usury rate will be 45.27% annual cash for the modality of consumer and ordinary credit.

This result represents an increase of 201 basis points (2.01%) compared to the previous period. In January the figure was 43.26%.

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For the microcredit modality, the rate is 39.20% and is valid from January 1, 2023 to March 31, 2023.

Regarding consumption of low amount, the rate will be 29.37%.

These rates correspond to the current bank interest for each of the aforementioned modalities.

The super financial He also recalled that those who charge or receive interest commit a crime. The crime, according to the Criminal Code, is charging more than half of the Current Bank Interest that the banks are charging for the corresponding periods.

Jeisson Balaguera, CEO of Values ​​​​AAA, explains that the usury rate is the maximum interest that a financial institution can charge its clients for consumer and ordinary credit, such as credit cards, among other modalities.

The expert points out that this increase in the usury rate, as well as the increase in the interest rate, will lead users to pay much more for a loan at this time.

Banco de la República raised rates to 12.75%

Also, this Friday, the Bank of the Republic since increasing its interest rate by 75 basis points, which reached 12.75%, in the first monetary policy meeting of 2023.

Both total inflation (13.1%) and core inflation (excluding food and regulated items) (9.5%) continued their upward trend in December, reaching records higher than those estimated by the technical team and market analysts , a situation that leads to a new increase.