Since the 10% withdrawals began, the market has seen the debt business come under pressure. One of those effects is higher long-term interest rates, due to the liquidation of more than
On Tuesday, the 10-year
Also, the bidding rate exceeded the maximum conventional rate (MCR) for non-adjustable credit operations in local currency of 90 days or more, higher than the equivalent of UF 5,000, which is 5.98%.
The TMC is the maximum rate that financial institutions that grant loans may use.
It has existed since 1929 and aims to establish a ceiling on the interest charged to individuals for a loan.
In 2013, the last important change was made to this legislation where the formula for calculating the maximum rate applicable to non-adjustable operations of low amounts was linked to the average rates of operations of higher amounts.
According to the banking sector, this situation has not been observed since the 2008 crisis and reflects the increase in the cost of financing. Some even say they do not remember this happening.
When the mismatch occurs, that is, the interest rate was higher than the CCT, Chilean regulations establish that the
The regulator will proceed to determine that rate as current interest for the respective operations. The rate modification will be published in the
For customers, there should be increases in commercial credit rates, since companies can borrow about