Peru’s Velarde condemns interest rate cap law

Julio Velarde
Julio Velarde
Ministerio de Defensa del Perú

Julio Velarde, governor of the Central Reserve Bank of Peru (BCRP), has condemned a law that empowers the central bank to cap interest rates.

The Congress of Peru passed the Law for the Protection of Consumers in Financial Services, on March 12 by a vote of 85–8. The vote overrode objections made by the president, Peruvian media reported.

The law states that interest rates will be “freely designated within the limit established by the Central Reserve Bank [of Peru]”. Penalty interest rates for

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