Clipping of news on Brazilian Culture, Law and Citizenship
16/11/2012
This article was translated by an automatic translation system, and was therefore not reviewed by people.
The average interest rate on the revolving credit cards fell below 10% per month for the first time since 1995, due to the reduction of 9.99% in interest rates on the card this month, said on Wednesday the National Association Executives in Finance, Administration and Accounting, the Anefac.
According to the research coordinator of the association, Miguel José Ribeiro de Oliveira, the reductions can be attributed to improved economic indicators as well as increased competition in the financial system after public banks promote reductions in interest rates. "With that we have no more monthly fees in the country averaging double digits," he said.
Still according to Anefac six credit lines investigated were reduced to an individual month. The overall average interest rate decreased by 0.31 percentage points, corresponding to a reduction of 5.34%, from 5.81% for the same month in setembro/2012 to 5.50% per month in October / 2012, this being the lowest interest rate since 1995.
For legal entities, the three credit lines surveyed, all were reduced in the month. The overall average interest rate decreased by 0.14 percentage points, corresponding to a reduction of 4.23%, from 3.31% for the same month in setembro/2012 to 3.17% per month in October / 2012 being the lowest interest rate since 1999.
Considering all of the cuts basic interest rate (Selic) promoted by the Central Bank since July/2011, there was a reduction in the Selic rate of 5.25 percentage points. In this period, the average interest rate for individuals was reduced by 31.09 percentage points, from 121.21% annually in July/2011 to 90.12% per annum in outubro/2012. Operations in corporate credit fell by 15.60 percentage points from 61.03% pa to 45.43% in July/2011 year in outubro/2012.
In the coming months, according to the association, it is expected that interest rates again be reduced due to the improved economy, greater competition in the financial system after public banks promote reductions in interest rates, and the expectation reduction in delinquency rates in the second half.
Source: Jb Online
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This article was translated by an automatic translation system, and was therefore not reviewed by people.