Lula analyzes move in savings
This article was translated by an automatic translation system, and was therefore not reviewed by people.
The government is studying a possible change to the income of the savings account, to prevent the migration of large applicators of investment funds, in search of better returns. With the collapse of the basic interest rate, Selic, the profitability of the book has been very close to the fixed-income funds and DI. Study is in the Central Bank (BC) and the Ministry of Finance to change the index of the book, which may no longer be the Referential Rate (TR) to be a part of the basic interest rate, the Selic. In the preliminary assessment of the government, this measure - which would have to go through Congress - also the preserve of small pay.
- I have to go back to Brazil, to a meeting with economic team to see how is the book. Let's discuss. Can not guess what we do. Let's sit and see how it will be - said the president Luiz Inácio Lula da Silva to Brazilian journalists in New York, after part of a seminar for investors.
In reports published in the Saturday edition of The Globe anticipated that the government could change the rules of the savings to avoid a leakage of funds of funds for the book, which could cause imbalances in the national financial system. Selic to 11.25% in the current, the investor has obtained a net gain (less the rate of Income Tax and administration) higher than the savings in fixed income funds with an administration fee over 2% per year. The book is paying 0.58% per month, while net income of a fund with an administration fee of 3.5% per year, for example, is 0.48%, in an application for a period exceeding six months, mathematical calculations of the second José Dutra Vieira Sobrinho, after the newspaper O Globo.
According to the president, nothing will be decided before the meeting. He noted that there have been changes in the rules of notebook two years ago.
- We already mexemos in savings two years ago, when we find that people who had wanted to invest much money in savings .. When we had that much money I put in savings, we mexemos to guarantee savings only for small savers, who need the savings - completed, saying that large investors have to look for another type of investment.
The concern with the income from savings and financial institutions. After cutting the basic interest rate last week, the interest of the book were more attractive than those of public securities. The effect may be a migration of money from investment funds (FIFs) for savings. For the government, this may mean more difficult to sell securities and manage the public debt.
With the expectation of future loss of Selic rate, which currently is at 11.25% per year, the Brazilian government bonds may become less attractive than a savings account that earns TR (Referential Rate) plus 6% to year.
Lula minimizes forecast on GDP
In the interview, Lula also minimized the prediction of the investment bank Morgan Stanley that the growth of Gross Domestic Product (GDP) this year Brazil will be negative at 4.5%. Market analysts consulted by the Central Bank estimated growth of 0.59% this year. Lula maintained the forecast of growth in 2009, as was said a few hours before in a speech to businessmen gathered at a seminar.
- These banks did not hit or what would happen to them, the more the situation in Brazil - Lula led. - Certainly Brazil will not grow the way we wanted, but it will be one of the countries that will result this year.
The president did not want to predict what will be the result of GDP in 2009.
- No nails before a number, that is not stick now. But things are happening and I am optimistic as far as was last year.
During the workshop at the Hotel Plaza in New York, the president said that Brazil will grow this year, but at reduced rates. He says the growth will be aided by the government, which holds investments and stimulate domestic consumption.
- We will grow less than we would in 2009, less than we could grow if there is no external crisis. But we grow - Lula said at the seminar for investors "Brazil Global Partner in the New Economy." He is accompanied by the Ministers Guido Mantega (Finance), Dilma Rousseff (Casa Civil) and Celso Amorim (Foreign Relations).
Lula used the speech he made during the lunch seminar "Brazil: Global Partner in the New Economy" to order the Brazilian ethanol to U.S. protectionism and to defend new directions for global capitalism. Lula followed his speech at risk until the moment when she spoke of the alcohol fuel, breaking it to launch a long critique of protectionism and, particularly, the pricing of ethanol.
Source: Extra Online
This article was translated by an automatic translation system, and was therefore not reviewed by people.
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