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Viewing cable 08QUITO815, Ecuador Lowers Interest Rate Ceilings

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Reference ID Created Released Classification Origin
08QUITO815 2008-09-03 21:40 2011-05-02 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Quito 
VZCZCXYZ0000
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 
 
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