Brasília – Brazilian credit card expenses have risen, according to figures disclosed by the Central Bank of Brazil, disclosed on Tuesday (26). In June, expenses reached US$ 1.004 billion, against US$ 813 million in the same period last year. In May, expenses totalled US$ 909 million.
Expenses in credit cards totalled 54.1% of total Brazilian expenses in travels abroad, which totalled US$ 1.854 billion in June. In the first half, the total value of expenses reached US$ 10.1984 billion, as against US$ 7.051 billion in the same period last year.
The government increased the Financial Operations Tax (IOF) on credit card purchases abroad. The decree, published on March 28th, in the Federal Official Gazette, increased the IOF by 2.38% to 6.38% over credit card purchases abroad. The rule was enacted 30 days after publication and the idea was to reduce foreign expenses on Brazilian credit cards.
Expenses of foreigners travelling to Brazil reached US$ 3.370 billion in the first half, against US$ 2.933 billion in the same period in 2010. In June, these expenses totalled US$ 490 million, against US$ 414 million in the same period in 2010.
*Translated by Mark Ament
