Identifier
Created
Classification
Origin
08QUITO815
2008-09-03 21:40:00
UNCLASSIFIED//FOR OFFICIAL USE ONLY
Embassy Quito
Cable title:
Ecuador Lowers Interest Rate Ceilings
how-toVZCZCXYZ0000 RR RUEHWEB DE RUEHQT #0815 2472140 ZNR UUUUU ZZH R 032140Z SEP 08 FM AMEMBASSY QUITO TO RUEHC/SECSTATE WASHDC 9320 INFO RUEHBO/AMEMBASSY BOGOTA 7717 RUEHCV/AMEMBASSY CARACAS 3158 RUEHLP/AMEMBASSY LA PAZ SEP LIMA 2776 RUEHGL/AMCONSUL GUAYAQUIL 3769
UNCLAS QUITO 000815
SENSITIVE
SIPDIS
E.O. 12958: N/A
TAGS: EFIN ECON PGOV EC
SUBJECT: Ecuador Lowers Interest Rate Ceilings
Reftel: 07 Quito 1655
UNCLAS QUITO 000815
SENSITIVE
SIPDIS
E.O. 12958: N/A
TAGS: EFIN ECON PGOV EC
SUBJECT: Ecuador Lowers Interest Rate Ceilings
Reftel: 07 Quito 1655
1. (SBU) Summary. Empowered by a slightly modified year-old banking l
2. (U) EcuadorQs banking law entered into force in July 2007, establis
3. (SBU) In December, the Constitutional Court declared the methodolog
4. (U) Following are the maximum interest rates for different market
Month January 2008 August 2008
Commercial 11.81 9.66
Personal consumption 21.19 17.26
Housing 13.55 11.66
Microcredit 27.98 25.50
Subsistence microcredit 39.98 35.20
5. (SBU) According to Cesar Robalino, President of the Ecuadorian Banke
6. (SBU) Comment: President Correa took office determined to push dow
7. (SBU) Comment, continued. Ironically, a second objective of the Co
HODGES
SENSITIVE
SIPDIS
E.O. 12958: N/A
TAGS: EFIN ECON PGOV EC
SUBJECT: Ecuador Lowers Interest Rate Ceilings
Reftel: 07 Quito 1655
1. (SBU) Summary. Empowered by a slightly modified year-old banking l
2. (U) EcuadorQs banking law entered into force in July 2007, establis
3. (SBU) In December, the Constitutional Court declared the methodolog
4. (U) Following are the maximum interest rates for different market
Month January 2008 August 2008
Commercial 11.81 9.66
Personal consumption 21.19 17.26
Housing 13.55 11.66
Microcredit 27.98 25.50
Subsistence microcredit 39.98 35.20
5. (SBU) According to Cesar Robalino, President of the Ecuadorian Banke
6. (SBU) Comment: President Correa took office determined to push dow
7. (SBU) Comment, continued. Ironically, a second objective of the Co
HODGES