Brasília – This year, Brazilian banks will see total credit operations shrink for the first time since the Central Bank began keeping records in March 2007. As per projections issued this Wednesday (28) in Brasília, credit should slide 2% this year. As of June, 1% growth was expected, but the results from the months that followed led to a revision.
In August, credit operations amounted to BRL 3.115 trillion, the same as in July. In August from August 2015, the amount was down 0.6%. The chief of the Central Bank’s Economic Department Tulio Maciel imputed the drop in credit to the slumping economy, weak business owner confidence and high interest rates.
*Translated by Gabriel Pomerancblum
