The List?n Diario headlines the high interest rates in the banks and says that the rates, which vary from 42-55%, are disturbing the flow of business and industry. Leaders of the business sector are lobbying for action that will lower the rates. According to the article written by Candida Acosta, the high interest rates are forcing more repossessions of financed vehicles and housing, as borrowers struggle to meet the adjusted payments. Because interest rates are ?revised? on a periodic basis, they have risen steadily since January, reaching an historic high last week.
According to Iv?n de Jes?s Garc?a, the president of the National Federation of Businessmen (FDC), the lack of controls from the Central Bank and the Superintendence of Bank have allowed the commercial banks to ?fish in dirty waters? and raise the interest rates at their will.
The head of the Herrera Business Association (AEIH), Ernesto S?nchez, told the reporter that if things don?t get better, the banks and finance houses will have to become car dealers, because people will prefer to return their financed vehicles rather than pay the exorbitant rates of interest.
A survey of banking institutions showed some important variations: clients of Scotiabank were being informed that their 23% rate was going up to 28%, while clients of the BHD received the good news that their rates on car loans were going down from 38% to 34%. This same bank has lowered the interest rates on personal loans from 44% to 40%. The Banco de Progreso said that it had maintained its rates at 28% for commercial loans and at 32% for car loans.