Caixa bank to postpone debt payments for 60 days

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State-owned bank Caixa will slash interest rates and extend deadlines for debt payments for 60 days, in a move to cushion the economic blow of the Covid-19 outbreak. The measures may be extended for 120 days if necessary, according to CEO Pedro Guimarães.

The bank will allow families to postpone mortgage payments for up to two installments and will reduce lower interest rates for payroll loans.

Small- and medium-sized companies will also benefit from lower rates—Caixa will cut them by 45 percent. The bank will create special credit lines for commerce and services companies and for those who wish to purchase equipment. Hospitals will have access to BRL 3 billion in credit with lower interest rates and longer payment deadlines.