Brazil Interest Rates to Consumers Rise, Credit Jumps
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Brazil’s average interest rates charged on loans to consumers rose in October for the first time in three months, signaling borrowing costs are escalating ahead of a central bank rate increase.
Outstanding credit in Latin American’s largest economy rose 1.9 percent in October from September, to a record of 1.64 trillion reais ($950 billion), led by a 3 percent increase in mortgage lending, the central bank said in a statement distributed today in Brasilia. Credit rose at the fastest pace since August, the central bank said.