In order to promote access to formal financing for the most vulnerable population in the country, expanding the offer of credit products for the productive sectors, the Ministry of Finance published a regulatory project that would modify Decree 2555 of 2010, to determine the modalities of credit whose interest rates must be certified by the Financial Superintendency.
According to the initiative, the Government took into account the characterization of the microcredit portfolio carried out by the Superfinanciera, which analyzed the distribution of credit rates reported by credit institutions, and evidenced the advisability of establishing specific certifications of current bank interest corresponding to the types of credit that would be created with this decree. (Lea: New instructions from the Financial Superintendency for transactions with QR codes)
The new modalities would be rural productive popular credit, urban productive popular credit, rural productive credit, urban productive credit and productive credit. For example, popular credit, both rural and urban, is made up of active operations carried out with natural or legal persons for the development of any economic activity whose amount does not exceed six legal minimum wages.
Rural and urban productive credit establishes a range of loans between 6 and 25 minimum wages, while normal productive credit would be between 25 and 120 wages. “For the purposes provided for in this article, rural and dispersed rural areas are understood to be the categories defined by the National Planning Department,” explains the draft decree.
Regarding the certification by the Financial Superintendence, the norm establishes that the entity, for the analysis of the rates, will implement adequate weighting techniques, taking into account factors such as: term, type of creditor and product, and those operations may be excepted. that, due to their particular conditions or by legal mandate, are not representative of the set of credits corresponding to each modality.
Bank interest will be certified on March 31, 2023 and will apply from April 1 to September 30 of the same year. “In the event that the entities supervised by the Financial Superintendence do not submit the information required in the terms required to certify the new credit modalities, said entity may determine that the current bank interest certified on March 31, 2023 shall apply for three more months. . (Lea: Financial system reported assets of $2.651 trillion by 2022)
