The president of the Central Bank (BCCR), Rodrigo Cubero, urged the deputies to “carefully” address the bill that would set interest rate ceilings to curb usury.
Cubero told lawmakers that two aspects must be taken into account on this issue: the elimination of abuses and prevent financial exclusion, the latter – he explained – would occur because some sectors have higher costs and risks, and would be excluded by setting a rate.
The head of the BCCR preferred not to comment on a particular rate, but did advocate that it be set by a technical entity such as the BCCR or the General Superintendence of Financial Institutions (SUGEF). At the same time, he suggested an adjustment every one or two years, and warned of a danger in fixing the rate directly into law.
In the legislative commission, the deputies have approved a maximum annual rate of 30.18 percent for loans in colones, and 15.31 percent for loans in dollars, which is based on calculations made in November by the BCCR.
The deputies who promote this plan are those of the National Liberation, Christian Social Unity, Citizen Action and the Broad Front fractions. Meanwhile both National Restoration and Christian Social Republican legislators call for further debate.