For the last year and a half, the Central Bank’s Monetary Policy Committee has consistently slashed Brazil’s benchmark interest rate. The Selic rate has gone from 14.25 percent a year in October 2016, to a record-low 6.5 percent. It doesn’t mean, however, that consumers have access to cheaper credit.
Indeed, Brazil’s interest rates remain among the world’s highest.
[infogram id=”49b9e565-63ca-457a-a0eb-88ca984e9d3a” prefix=”g1O” format=”interactive” title=”Copy: Selic interest benchmark rate”]
Between October 2016 and January 2018, interest on credit cards went from 484 percent per year to a yearly rate of “only” 327.9 percent. Overdraft interest rates remained virtually stable, from 324.9 percent per year in 2016 to...
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