Ecuador Government low interest rates for consumer credit
As agency said Chairman and Coordinating Minister for Economic Policy, Diego Borja, the decision was based on a thorough analysis of the demand levels in each of the segments of the credit to adjust for specific needs, said a note by the agency Ecuadorian Andes.
"The Directorate of Studies of the Central Bank has made a detailed study of the types of credit and bank volumes are handled by the bank. This allowed to fix a rate according to the averages for the same market driven, "said Borja.
With that decision, which will be encouraged for the consumption level "but with a lower price and the domestic financial system entities to maintain a fair profit margin.
As Borja said, the study found that this segment credit, the dealer have a good level of profits. "The idea is that they are kept without charge higher costs to consumers," he said.
To analyze the decline in the maximum interest rate in this segment of the credit, the board of the Association of Private Banks of Ecuador (APBE) holds a meeting, said Cesar Robalino, Executive Chairman of the organis
Meanwhile, as the new average set by the ECB in February, the maximum interest rate for corporate lending will be 9.33%; for productive enterprise, 1021%, for the productive SMEs, 11.83%, for housing 11.33%; for extended accumulation microcredit, 25.50%; microcredit simple accumulation, 33.30%, and retail microcredit, 33.90%.
He said this is one of the actions that aim to reduce rates as inflation, to 3.1% in 2010, and employment, held, could end this year at least 6%.
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