This decree establishes two new types of credit: microcredit and cnsumption credit.The rate of active operations will be analyzed through a methodology which will be published by the Financial Regulator of Colombia. The regulator will store the financial and accounting information that will be distributed to credit establishments.
The interest rates of microcredit and consumption credit must be certified. The base interest rate published by the regulator must be considered when calculating the interest rate for all credit operations. The limits for housing credit interest rates will be established by the Bank’s Board of Directors. These limits should follow the Constitutional Court’s guidelines on the matter.