Regulatory Alerts2022-01-01 | JPRF-F-2022-041Resolution No. JPRF-F-2022-041: Reforming the Interest Rate Norm to Establish a Special Maximum Interest Rate for Social Interest Microcredit Loans
The Financial Policy and Regulation Board (JPRF) issued Resolution No. JPRF-F-2022-041 to establish a special maximum interest rate of 5% annually for social interest microcredit loans up to USD 20,000 granted by BANECUADOR B.P. This regulatory change implements Executive Decree No. 488 of July 12, 2022, which mandates these favorable credit terms to promote financial inclusion for vulnerable sectors. The resolution also assigns BANECUADOR the responsibility to secure interest rate subsidies from the Ministry of Economy and Finance and requires the Banking Superintendence to monitor risk management and resource usage.
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