Reduction of banks led Selic not to charge less than customers, research shows
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Kelly Oliveira
Reporter Agency Brazil
Brasília - The reduction of the basic interest rate, the Selic, has not led the banks to charge lower rates for customers, according to research from the National Association of Executives in Finance, Administration and Accounting (Anefac).
In January, the Monetary Policy Committee (Copom) Central Bank cut the Selic by 1 percentage point from 13.75% to 12.75%. According to Anefac, when considering all drops and elevations of the base interest rate since September 2005, there was reduction in the Selic at seven percentage points (a decrease of 35.44%). In September 2005, the Selic was at 19.75% per annum.
In this period September 2005 to January 2009, the average interest rate for individual showed a decrease of 1.07 percentage point (fall of 0.76%), the move from 141.12% to 140.05% per year . According to Anefac in credit operations for the legal person (company) was increased 0.19 percentage point (0.28%), from 68.23% to 68.42% per annum.
"Although it is not justified, high can be attributed to the greater concern of financial institutions with bad debt," says Anefac.
Source: Agência Brasil
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