Do you want to take a loan? These are the interest rates that will be in effect in Ecuador in January 2024. Report | news

Set by the Monetary and Financial Policy and Regulation Board (JPRF), the reference active interest rate for corporate productive loans, effective from January 1, 2024, saw an increase compared to January 2023.

it went from 9.29% to 10.14%. The last one is the one that is applicable For active operations, according to data published by the Central Bank of Ecuador.

The organization indicates that productive business credit has also increased. interest rates increased from From 10.36% in January 2023 to 11.03% in January 2024,

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Meanwhile, other segments experienced minimal percentage declines.

According to Resolution 603-2020-F of the JPRF, to calculate the effective reference interest rates for 2024, the weeks from November 23 to December 20, 2023 are taken into account, covering 355 financial institutions.

This is how interest rates were compared January 2023 to January 2024

The gross loan portfolio reached $42,129 million in November 2023, the latest figure available in the Datalab system of the Association of Private Banks of Ecuador.

Producer Credit (difference between January 2023 and January 2024)

• Corporate productivity increased from 9.29% to 10.14%.
• Business productivity increased from 10.36% to 11.03%.
• Productive SMEs decreased from 11.23% to 11.09%.

microcredit

Three microcredit categories were reduced.

• Retail microcredit increased from 28.23% to 20.00%.
• Ordinary accumulation declined from 24.89% to 20.51%.
• Expanded accumulation declined from 22.55% to 20.09%.

consumer loans

• There was a minimum decline of 0.54%, i.e. from 16.77% to 16.23%.

educational credit

• Educational increased from 9.50% to 8.84%.
• Social Education from 7.50% to 5.49%.

housing loan

• Public interest housing remains at 4.99%.
• Social housing decreased from 4.99% to 4.98%.

real estate credit

• It decreased from 10.40% to 9.94%.

public investment loan

• It was reduced from 9.33% to 8.11%.

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This is the interest rate on fixed deposits for January 2024

The interest rate on fixed deposits for January 2024 is 7.74%, as opposed to 6.65% set for the same month last year.

Since 2019, the amount paid by banks for fixed deposits has increased, from $11,910.54 million in September 2019 to $19,713.10 million in the same month of 2023.

This is due to the country’s inability to obtain cheap financing abroad due to an increase in country risk, especially after the death of Cross was announced by former President Guillermo Lasso in May last year.

Thus, for financial institutions, borrowing money from an international bank is similar to borrowing from the fixed deposits of their customers within the country.

According to information received from Datalab, the total money deposited in private banks for a fixed period till October 2023 was $19,970.09 million. The money was divided into the following sections:

• Days 1 to 30: $4,327.26 million.
• 31 to 90 days: $5,778.76 million.
• 91 to 180 days: $4,957.97 million.
• 181 to 360 days: $4,280.47 million.

Meanwhile, among co-operative societies, fixed term funds deposited between co-operative societies and private banks till October 2023 reached $14,479.79 million, taking the total to $34,469.88 million. (yo)