LIMA, July 15 (BERNAMA-NNN-ANDINA) -- More than one million of small and medium-sized enterprises (SMEs) were incorporated in the national financial system during the 2008-2012 period, Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) said.
It noted that after this expansion there are currently 1.8 million productive units subject to credit approval which facilitate their participation within the country's productive chain.
The SBS described as encouraging the progress made considering the current international situation and the strengthening of the domestic demand.
The director of the Guarantee Fund for Loans to the Small Industry (Fogapi), Francisco Martinotti, noted that it had consolidated enough critical mass for microfinance institutions to adjust the interest rates they charge.
"An interesting market has been formed for generating new efficiencies between companies and, thus, reduce the financial cost," he told official gazette El Peruano.
Martinotti said that it is not justified the high interest rates that are being applied in the financial market and stressed that a possible solution would be to further promote a more effective competition.