The National Institute for the Promotion of Competition has stated that there is an agreement between banks to fix interest rates on credit cards.
The Supreme Court of Justice (CSJ) of Nicaragua annulled the resolutions issued by Procompetencia against the practice, considerer by the watchdog as abusive against consumers.
An article in Laprensa.com review the situation where on one side lies the National Institute for the Promotion of Competition (Procompetencia) and on the other the Association of Private Banks (Asobanp), whose president Juan Carlos Arguello denied that there has been are agreement over rates. He explained that behavior responds to the competition between banks, which "is strong."