Peru’s central bank caps consumer interest under protest

Julio Velarde
Julio Velarde
Ministerio de Defensa del Perú

Peru’s central bank has imposed caps on consumer interest rates in the financial sector despite warning that the measure would damage the credit market,

The central bank implemented the caps in accordance with Peru’s new Law for the Protection of Consumers in the Financial System. The Peruvian Congress passed this law in March, over the objections of the president, Francisco Sagasti, the finance minister, and the governor of the central bank, Mario Velarde.

The governor said the law would

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