Regulatory Alerts2023-03-09
Added · Updated
Instruction (Historical) No. 7/2023
The Bank of Portugal sets maximum interest rates for consumer credit contracts concluded in the second quarter of 2023, effective April 1, 2023. The maximum Effective Annual Percentage Rate (APR) ranges from 4.1% for new financial leasing to 16.9% for credit cards and overdraft facilities, while the maximum Nominal Annual Rate (NAR) for credit overdrafts is set at 16.9%. These limits apply to all consumer credit contracts under Decree-Law No. 133/2009, though lenders remain free to offer lower rates.