Even searching for alternatives to lower interest rates Revolving credit cardMinister of Finance , Fernando Haddadalready warned the interlocutors that it is against extinguishing Interest-free installments.
Behind the scenes, banks are finalizing the buying method, which is actually being funded by shopkeepers. This was the way to put pressure on the government and central bank In negotiations for a revolving credit card.
However, Haddad considers that the procedure will “punish” Installment purchases, which account for 70% of retail sales.
The negotiating table has up to 90 days to submit a replacement case.
The repercussions occur after the announcement of the head of the central bank, Roberto Campos Neto, Defending Rotary End. For him, the credit can go directly to the installments, where the rate is around 9% per month (181% per annum). In June the turnover level reached 437.25% annually.
Haddad since the beginning of the third term of the President of the Republic LolaHe is trying to negotiate a reduction with the banks, but has not succeeded yet.
At the beginning of the month, he spoke with Isaac Sidney, president of the Brazilian Federation of Banks (February); Milton Mallohey, CEO of Itaú; Octavio Lazzari, from Bradsco; Mario Liao, from Santander; And Andre Esteves, President, BTG Pactual.
He pointed out during the meeting that revolving credit is the country’s biggest interest rate problem.
