Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Brazil Wants Banks to Pare Fees on Investment Funds, Folha Says

Don't Miss Out —
Follow us on:

April 21 (Bloomberg) -- President Dilma Rousseff’s administration wants Brazilian banks to lower fees charged on investment funds, Folha de S.Paulo reported, without saying where it obtained the information.

Such a move would allow borrowing costs in Brazil to fall further without affecting the country’s savings-account rules, Folha said. Policy makers this week lowered the benchmark lending rate to 9 percent from 9.75 percent.

Since Brazilian law requires minimum returns on savings accounts, the government’s concern is that further cuts in borrowing costs can drive investors out of investment funds that track the Selic rate and into bank deposits. Lower fees in those funds would postpone the need for the government to change savings-account rules, according to Folha.

To contact the reporter on this story: Ney Hayashi in Sao Paulo at ncruz4@bloomberg.net.

To contact the editor responsible for this story: David Papadopoulos in New York at papadopoulos@bloomberg.net.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.