Nicaraguan Banks Oppose Credit Law Reform

They argue that rates cannot be lowered any more, and they would prefer regulations issued by the Superintendence instead of new laws.

Friday, June 4, 2010

Juan Carlos Arguello, president of Asobanp (Association of Private Banks of Nicaragua) said that the sector does not support an amendment to Law 515 of Credit Cards, as they consider more convenient to have regulations issued by the Superintendency of Banks, as this would be "less disruptive to the system", he said.

"Our position is that it is very difficult to regulate and to micro manage things by law. What is considered good today may be bad in the future, and therefore the solution relies on good regulation based on many recommendations", said Arguello.

Additionally, he said it was not possible to reduce the highest interest rates (60%) by 10 percentage points, as asked by Congress, as these "are based on studies that do not support cost reductions".

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