Economy Commission approved opinion to increase bank credit interest rates by up to 200%

The Congressional Economic Commission approved a ruling that would allow interest rates on bank loans to be raised up to 200%, by eliminating the maximum limits established in the Law against financial usury.

Furthermore, this ruling leaves financial entities free to create commissions without the control of the Superintendence of Banking, Insurance and AFP and the first effects will be felt in the 7 million credit cards that today may suffer variations in interest rates. and in additional charges.

This was stated by Congressman José Luna Gálvez, during the debate on the proposal, when he pointed out that the ruling will bring down the progress made in consumer defense, by proposing the suspension of the effects of Law 31143, a Law that protects consumers from usury. financial consumers.

“Under the pretext of ‘drop by drop’ loans, financial oligopolies are being favored. We must take that into account. Remember that today the Central Reserve Bank has the power to raise the interest rate if it deems appropriate. This law aims to favor some banks by freeing up the creation of commissions and penalties,” he said.

Luna Gálvez maintained that banks are finally being given complete freedom, without control, over credits to users.

«The true objective of this ruling is what the banks have sought since the enactment of the law against usury: that the maximum interest rates be eliminated to continue setting interest without any limit, in addition to creating new commissions and penalties; That is, they want to continue leaving the user unprotected against financial usury,” he stressed.

Likewise, he considered that the ruling is a serious setback in consumer protection against banking abuses and indicated that the beneficiaries are mainly four banks, while the harmed are the millions of users of the financial system.

“This rule cannot come at a more difficult time like today, when thousands of families are forced to go into debt to cover basic needs and overcome the brutal recession that we face today,” he stated and stressed that another of the victims is, In addition to the users, the social market economy is called into question by the excesses and privileges of some powerful groups.

On the other hand, after approval by majority, in the Congressional Economy Commission, parliamentarian José Luna Gálvez stated that he would carry out the coordination to include in the agenda of the Plenary Session of Congress the opinion that approves the withdrawal of the Compensation for Time of Service (CTS) until December 2024.

During his speech at the session, the leader of Podemos Peru pointed out that the approval of this ruling is correct, since thousands of families do not make ends meet, due to the economic crisis and the high cost of living.

In addition, he responded to those who opposed the proposal, alleging that the authorization of the withdrawal of the CTS undermined the purpose of this account.

Luna Gálvez assured that if financial entities paid a return of 10%, above inflation, for storing the CTS money, “no one would withdraw it,” but the remuneration is barely below inflation.