(QCOSTARICA) The Banco Central de Costa Rica (Central Bank) published early Friday morning the maximum interest rates for credit operations in colones, dollars and other currencies, in accordance with the new Ley de Usura – usury law – now in force.

By a press release, the central bank announced that the maximum interest rate for all types of credit (including credit cards but with the exception of microloans) will be 37.69% for the colonists and 30.36% for the US dollar.

For other currencies, i.e. euros, the maximum rate is 7.44%.

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For microloans (less than 675,000 colones), the maximum interest rate will be 53.18% in colones and 42.99% in US dollars.

The usury law enacted last month requires the central bank to update usury rates in July and January of each year.

Interest rates higher than those established by the BCCR will be considered usury within the meaning of the Penal Code.

It is important to note that the Usury Act is not retroactive, it only applies to future credits. According to the Ministry of Economy, Industry and Trade (MEIC) credit card study, nearly 70% of the country’s credit cards have interest rates above 39%.

It is also important to note that the Usury Act prohibits automatic deductions from a worker’s wages that affect the minimum wage.

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On Thursday, the private bank BAC announced the cancellation of some 187,000 credit cards, the closure of 11 service points and the dismissal of 373 employees, and the reorganization of its range of credit products, citing the law on l ‘wear.

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