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New Selic reduction causes eighth drop in cost of credit

Loans and financing

Of the six lines surveyed by Anefac, all showed a decrease, benefiting Brazilian consumers and entrepreneurs

The last reduction of the Central Bank by the Selic rate motivated the eighth drop in the cost of credit in the country.  According to the National Association of Finance Executives (Anefac) in July all six operating lines studied showed reductions.

The general average interest rate for individuals showed a reduction of 0.06 percentage points in July, rising from 7.64% per month to 7.58%. The highest in the period was recorded by the credit card, which went from 13.46% per month to 13.34%.

For companies, the reduction was 0.05 percentage point from June to July - which led the average rate of 4.50% per month to 4.45%. Working capital, one of the most important lines for entrepreneurs, fell from 2.42% to 2.38%.

More interest rate drop

Anefac also said that the expectation is more interest rates in the following months, a movement that accompanies the continuation of the fall of the Selic rate. "In order to improve expectations regarding the reduction of inflation as well as fiscal improvement, we should have further reductions in the basic interest rate," the institution said in a statement on its website .

Source: Portal Brasil, with information from Anefac