NewsWhore
10-27-2006, 04:50 PM
Hoy newspaper quotes Central Bank vice-president Clarissa de la Rocha Torres who has come forward with clarifications on the subject of regulating credit card interest rates. De la Rocha said that it is the job of the monetary authorities, and only theirs, to regulate credit cards and their interest rates. The vice-president made her statements in reaction to yesterday's announcement of a possible Congressional reform to the credit card system, which seeks, among other things, to establish a fixed interest rate for all bank-issued credit cards. De la Rocha points out that although Congress can look to reform the system, changes would have to be made to the country's monetary law, governed by the Monetary Council, which according to her can only be reformed by the monetary institutions, which the Congress is not. According to her, article 24 of the monetary law states that all interest rates on monetary transactions, in local or foreign currency, would be determined by the financial institutions.
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More... (http://www.dr1.com/index.html#11)