Amendment to the maximum rates of conventional compensatory and default interest applicable to operations between persons outside the financial system in order to foster the capital market development
Pursuant to Circular Letter No. 0018-2019-BCRP (“Circular Letter”), the Central Reserve Bank of Peru (BCRP) approved the maximum rates schedule of conventional compensatory, default and legal interest for operations between persons outside the financial system. This schedule replaces thereby such schedule set forth in Circular Letter No. 021-2007-BCRP.
Upon this amendment, the maximum rate of conventional compensatory interest in Soles, that was equivalent to the financial system average rate for micro-business credits, becomes the highest rate between that rate and the financial system average rate for consumer credit. It is set forth to amend on a similar basis the maximum effective rate of conventional compensatory interest in foreign currency.
The maximum rate of conventional default interest in Soles will be 15% but calculated on the maximum rate of conventional compensatory interest (previously, it was calculated on the financial system average rate for micro-business credits). The Circular Letter similarly amends the calculation form of the maximum rate of conventional default interest in foreign currency that remains at 20%.
The new regulation applies, among others, to the operations of issue of debt securities and other financing operations in the capital market, as those provided by entities known as Fintech outside the financial system.
