HomeBlogNationalVarious changes in interest rates will apply from January 3, 2022

Various changes in interest rates will apply from January 3, 2022

  • January 5, 2022
  • Posted by: medium
  • Category: National
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A new methodology governs the financial system; While the Biess announced the decrease in quirographic rates

From this January 3, public and private banks will apply changes in interest rates. In practice since Monday, the new interest rates decided by the Board of Policy and Financial Regulation, resolution that was already published last week by the Central Bank of Ecuador.

Additionally, the IESS Bank announced almost at the end of the year that a reduced rate for chirographer loans will be applied since January 2022.

And the President of the Republic, Guillermo Lasso, announced that this year rates of 1 % to 30 years will be applied in public banks, for microcredit. However, this still depends on a resolution of the same Board and a report by the Ministry of Economy and Finance.

Interest rates for the financial system will be applied for eight of the thirteen existing segments.

  • Business productive credit: Previous: 10.21 %. In force January 1: 9.89 %.
  • Pyme productive previous: 11.83 %. In force January 1: 11.26 %.
  • Previous consumption: 17.30 %. In force January 1: 16.77 %.
  • Previous retail microcredit: 28.50 %. In force January 1: 28.23 %.
  • Previous simple accumulation microcredits: 25.50 %. In force January 1: 24.89 %.
  • Microcredits of anterior extended accumulation: 23.50 %. In force January 1: 22.05 %.
  • Anterior corporate productive: 9.33 %. In force January 1: 8.86%.
  • Previous real estate: 11.33%. In force January 1: 10.40 %.

ForMarcos López, former president of the President at the Monetary and Financial Policy Board, and an expert in financial issues, the new formula applied for the fees leaves some doubtssuch asWhat is the value of operating costs and how the distribution of these costs is made.

Another issue that would be pending isBuilding a base rate (a kind of prime rate) that becomes a marker rateFor those who have less risk. For López at the time the rates policy would not support financial inclusion for population that has not had access to credit for their risk. It is delivered to the same rate, which is only committed to giving credit to those who have less risk.

As for theBiess, Francisco Cepeda, president of the Board of Directors and its manager, Iván Tobar, announced the reduction of the rate for chirographers with a term from 2 years from 14 % to 11 %.For López, this issue can heat the economy, but in an economy like ours in which the injection of liquidity can go to many products that do not occur in the country, you have to be moderate. It should also be analyzed what the impact for the IESS funds will be, since they will pay lower interests.

I enter a lot, lassoHe has talked about lowering Banecuador's interest rate. The government has admitted that there must be a subsidy.This increases fiscal spending, which would be going against the fiscal adjustment policy, López explained.