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According to British Columbia, average interest rates fell by 0.9 percentage points in May, to 25.0% per year, taking into account all credit transactions with free and targeted resources
By
Fabrício de Castro and Fernando Nakagawa, from Estadão Content
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June 27, 2018
Central Bank: spread has yielded 1.1 percentage point, to 18.6% per annum (Ueslei Marcelino / Reuters)
Brasília – The Head of the Statistics Department of the Central bank, Fernando Rocha, badessed Wednesday 27, that the interest rate cuts and spreads in May continue the movement already observed in previous months.
According to British Columbia figures, interest decreased by 0.9 percentage point in May to 25.0% per annum, considering all credit transactions with free and directed resources. Already the spill 1.1 percentage point to 18.6% per annum.
"The average interest rate of 25.0% per annum is the lowest since January 2015," said Rocha. In the case of the Credit Cost Indicator (CCI), which relates to all credit transactions that are in the portfolio, the 21.2% rate in May is the lowest since September 2015.
"In the case of the spread, in addition to the reduction in the rate of application, there was an increase in the funding rate," said Rocha, explaining the downward movement. "As the spread is decreasing from one to the other, there has been an increased spread effect," he added.
From April to May, the application rate went from 25.9% to 25.0% per year, while the rate of the banks was 6.2% at 6.4% per year. This explains the spread of the gap from 19.7 percentage points in April to 18.6 percentage points in May, given the free and targeted resources.
Rocha also drew attention to reducing interest on overdraft and credit card transactions. In the case of overdraft, the average interest rate rose from 321.0% per annum in April to 311.9% pa in May.
"One of the possible explanations for reducing the overdraft is self-regulation.This is one of the possible reasons, but we do not say categorically that it is what s & # 39; Is past, "said Rocha.
In early April, the Brazilian Federation of Banks (Febraban) announced that banks will offer from July a staggered payment for overdraft debts. The option will be valid for debts over R $ 200.00.
The expectation of the entity is that this migration of the overdraft to cheaper lines will accelerate the downward trend in interest charged to the consumer. According to Rocha, it is possible that the drop in check rates observed in May was due, in part, to "competitive reasons". "It's a possibility."
In the case of the credit card, there was a decrease in the average interest of individuals from 328.6% per year in April to 303.6% per year in May. Again, Mr Rocha says the change may have come partly because of the anticipation of regulatory changes promoted by the Central Bank.
From the beginning of June, each bank may set a minimum percentage of payment of the card bill for each customer, depending on their profile and the relationship with the financial institution. Previously, the minimum payment was 15% of the bill. "The move (in the interest) also seems to anticipate the change in the credit card, the regulatory measure adopted," said Rocha.
Rocha also reported that the OC has been promoting an update on the average values of interest on credit cards in the series disclosed, due to errors in the supply of credit cards. 39, information by the banks. This update covered the end of 2017 and the numbers 2018 up to now.
The head of the Statistics Department also said that despite the end of the 15% parameter for the minimum payment of the bill, the Central Bank will continue to publish the statistics in the current format in the coming months, with data for regular credits and not regular. "Finally, if we evaluate that the differentiation does not have more informational content, we can think about closing the data, but that will not happen next month," he said.
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