The usury rate for July will be 30.05 percent annual cash for consumer and ordinary loans, as certified by the Financial Superintendence, which represents a decrease of 37 basis points from the previous month.
If you look at a broader horizon, the decrease is 2.92 percentage points in the last year (292 basis points, or 8.8 percent).
In the eyes of the consumer, the reduction has been quite slow, compared to the reduction that the intervention interest of the Banco de la República has had.
The cut began a year and a half ago, a time in which the rate went from 7.75 to 4.25 percent today, a level that could be maintained as provided by the Board of the Issuer, which meets today.
However, we must remember that the time in which this cut has occurred coincides with the toughest moments of the Colombian economy and its impact on credit.
Not only because the growth of the portfolio had an important moderation, but the delinquency of the loans grew in an accelerated way.
Today, the past due portfolio is around 22 trillion pesos (4.95 percent of the total), compared to 17 trillion pesos a year ago and 12.9 trillion pesos at the end of 2016, when the rate cut began.
As the largest increases in delinquency have occurred in companies, and more recently in consumer loans, financial institutions are perceiving greater risk when it comes to lending and that is why the maximum interest does not yield so quickly.
The Superfinanciera also certified that the usury rate for the microcredit modality that will be in force between July 1 and September 30 of this year is 55.22 percent annual cash.