With free resources, it fell for legal entities (from 23% to 21.1%) and for individuals (55.7% to 54.2%)
Brazil's average interest rate fell from 30.1% in 2022 to 28.4% per year in 2023. The data are from B.C. (Central bank). Here's the complete of the report (PDF – 293 kB).
The annual reduction of 1.7 percentage points is the average of fees charged both in operations with targeted resources (subsidized by governments or state-owned companies) and with free resources (those negotiated on the market).
The average interest rate for subsidized beneficiaries fell 1.5 percentage points, from 11.6% to 10.1% annually. As for free operations, it fell from 41.8% to 40.8% per year, or 1 percentage point.
When considering only free resources, which account for 58.4% of the country's credit balance, the average rate fell for legal entities (from 23% to 21.1%) and for individuals (55.7% to 54 .2%) from 2022 to 2023.
CREDIT CARD
Credit card revolving interest ended 2023 at 440.8% per year. They rose 28.9 percentage points in 1 year and 6.4 percentage points in December. The rate was charged in December, therefore, it does not meet the new interest limit rule established by the CMN (National Monetary Council). The measure meant that interest will be limited to an amount equivalent to 100% of the debt. For example, if the debt is R$100, the amount corrected with fees cannot exceed R$200.
The ceiling for revolving interest only came into effect on January 3, 2024. The measure was first defined by the Desenrola program. The bill that established the program was sanctioned by the president Luiz Inácio Lula da Silva(PT) on October 3rd.
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