The Government expects banks to charge low rates within the framework of the
Reactiva Peru Program, considering that the Central Reserve Bank's interest rate for this type of operations is 0.5%, Economy and Finance Minister Maria Antonieta Alva said on Wednesday.
The cabinet member mentioned that in the case of Chile the interest rate is 3.5% (nominal) and that the real rate is 0%.
"The idea is for banks to transfer low financing costs to companies," she told Radio Exitosa.
Distribution of resources
Minister Alva also specified that banks will only serve as vehicles to distribute resources considered in the Reactiva Peru Program and that they will not keep them.
"These are resources for companies, so that they can maintain their operational capacity and jobs," she explained.
On April 3, President Martin Vizcarra specified that this program would serve 350,000 companies in the country, of which 314,000 are micro-enterprises —each of them with less than 10 workers.
Reactiva Peru will enable the economic system to remain operational by preventing the payment chain from breaking, in the face of the global coronavirus (COVID-19) pandemic.
Initially set to last from March 16 to 30, the measure has been extended thru April 26.
Wednesday marks the thirty-first day of mandatory social isolation.
(END) SDD/MVB
Published: 4/15/2020