Private Banking is expectant for the new 0.5% credit tax

The Monetary Code established the payment of 0.5% for those who access to loans from financial institutions. This amount will be used for integrative cancer care. This measure will take effect from next October 11 and maintains the industry in expectation.

The text indicates that credit transactions include loans from private financial institutions controlled by the Superintendence of Banks.

As indicated by the Central Bank, banks have delivered USD 1 624 million on average per month in loans to August 2014, 81% of it provided by the private financial system. Thus, the 0.5% could pay up to $ 8.1 million per month to the Treasury, considering only loans from private banks.

Oswaldo Larriva, from the Committee on Economic Conditions, clarified that the payment of this rate applies to loans for car purchase, house purchase, deferred credit card purchases, etc.

The payment of the 0.5% does not apply to credits from cooperatives and other entities under the Superintendence of Popular Solidarity Economy.