The Colombian bankers in full, announced their commitment to support the most needy segments of the country’s population by applying lower interest rates, but also, information that they «subscribed to the government goals in terms of financing the popular economy», according to what he said Jonathan Malagón, president of Asobancaria.

(Also read: Other banks in the country will join the lowering of credit card rates)

The union spokesman highlighted the difficult situation that the country will go through in 2023, in which even after the first semester it could present negative growth in some periods, which is why the bank reaffirmed its commitment to provide solutions and support to the most vulnerable people in the country.

“This is President Gustavo Petro. Despite the increase in liquidity and the high rates of monetary policy, he reduces rates for his users and from Asobancaria we subscribe to the government goals in terms of financing to the popular economy”, Malagón emphasized.

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As recalled, since yesterday, Thursday, the large banks in the country have been announcing cuts in their interest rates, especially in credit cards. The first to take this step was Bancolombia, which reduced them from 45 to 25 percent.

Said announcement was added this Friday morning by Davivienda, which took it much lower, 20 percent, as well as the banks of Bogota and the Westwith a similar level.

Now in the afternoon they have joined that trend BBVA and Scotiabank Colpatria. The first indicated that it lowered its interest to 20 percent for its low-value credit cards, Pensioners and Public Force; while the second the cut in said rate will be the same up to 20 percent but in purchases in supermarkets, fuel in service stations and restaurants.

«This benefit will apply to existing customers and new customers with Visa Clásica, MasterCard Standard, MasterCard Senior and Pensional Senior credit cards (for retirees) and Mastercard Héroes (for the Military and Police Forces) with a quota of up to 4 million pesos in purchases in the categories of supermarkets, clothing and footwear, gas stations, education, health services, taxes and public services», they specified from BBVA Coplombia, after noting that said benefit applies automatically as of March 15, so it is not necessary for customers to contact the bank to obtain the benefit.

For his part, Jabar Singh, President of Scotiabank Colpatria, He said that the bank’s rate adjustment is equivalent to a reduction of more than 50 percent of the current interest rate for private, basic and classic credit cards, which will be used as of March 14.

President Gustavo Petro thanked one by one the banks that have joined the initiative to reduce interest rates, through his Twitter account. He said the president that: “a good measure to lower interest rates by private banks. This will keep the financial system solid and the possibilities of stopping the economic stagnation.