He noted that “rates have remained or have not been reduced, however, I have to mention that the latest regulations from the CNBS regarding the classification of portfolios and reserves will eventually push interest rates.” He explained, “they harden the conditions, so the banks are going to have to establish more reserves … that may eventually lead to an increase in rates that we do not want.”

Rivera said it was not the right time for the regulatory agency to implement the new measures for financial institutions; however, he admitted that the CNBS must fulfill commitments to international lending agencies.

“There are certain normal conditions under which the legislation, unfortunately, in certain areas, takes risks, but this will not continue to be done, because there are guarantees granted to clients from the banks,” he explained.

He added, that “these measures could lead to a decline in banking, because, if indeed, there are areas that are being served, but who are a risk, that is something this legislation will not be able to continue doing.”