Cenbank sets interest rate cap, floor on credit cards

Tuesday, July 31, 2007

Venezuela's central bank (BCV) has established an interest rate cap and a floor on credit cards, BCV said in a statement.

The annual nominal interest rate cap has been set at 28% and the floor at 17%, according to the statement.

The Venezuelan government establishes maximum and minimum levels for lending and deposit interest rates, controls fees and commissions charged by banks, imposes foreign exchange controls and has stripped BCV of its independence.

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As of June 30, Venezuela was home to 59 lending institutions, of which 44 were banks.