Peru’s central bank caps consumer interest under protest
Central bank governor and president say new law will damage the economy
Peru’s central bank has imposed caps on consumer interest rates in the financial sector despite warning that the measure would damage the credit market,
The central bank implemented the caps in accordance with Peru’s new Law for the Protection of Consumers in the Financial System. The Peruvian Congress passed this law in March, over the objections of the president, Francisco Sagasti, the finance minister, and the governor of the central bank, Mario Velarde.
The governor said the law would
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