The Board of the Central Bank says that any attempts to control prices and restrict competition will drive the informal economy.
Nacion.com reports that "The Government submitted, in late August, to the Legislative Assembly a Bill on Consumer Rights in relation to Usury in Credit Cards."
"... The initiative defines as usury loans rates which exceed twice the average of the last three months of the average lending rate of National Financial System, calculated by the Central Bank. Currently, the rate in colons is 15.88%, therefore that the cap would be of 31.76%. Anything over this would result in intervention by the Ministry of Economy, Industry and Commerce (MEIC) to regulate the market. "
A comparative analysis of fees and nominal annual interest rates for the first week of August 2013 on credit and financing cards.
From information published by the Consumer Authority of Panama:
Background
"Credit Card: An instrument which is magnetic, electronic or using other technology from the execution of a credit agreement previously concluded between a financial intermediary and another person, in order to facilitate the lease of or to obtain goods and services or obtaining cash from business affiliated to the system. "
During the VIII Petrocaribe Summit it was reported that the rate of interest on oil bills will be changed, increasing from between 2% to 4%.
The Guatemalan Vice President Roxana Baldetti, explained that Venezuela has modified the interest payment according to oil and oil supplies for more than a dozen Latin American countries. Guatemala's concern is so great that it no longer considers the agreement attractive and could move away from it.
New regulations issued by the Economy, Industry and Commerce Ministry (MEIC), will come into effect on April 1st, 2010.
These oversee any contracts in which goods or services are sold using installment plans, for example timeshares or travel clubs.
"When buying a future service, consumers are entitled to know, before signing a contract, if the provider is registered in the Ministry's website", reported Nacion.com.
In the first 11 months of the year, Salvadoran companies sold 24.57% less in average.
9 out of each 10 businessmen were affected by the economic crisis, according to a study conducted by Luis Membreño, independent economist.
From Laprensagrafica.com: "The drop ranges from 10% to more than 50%. 'It is a result of the population earning less money; less income and jobs', explained Membreño".