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Brazil Said to Limit Returns on Savings Accounts to 70% of Selic

May 3 (Bloomberg) -- Brazil’s government will seek to limit returns on newly opened savings accounts to 70 percent of the nation’s benchmark interest rate under rules being proposed today to pave the way for lower borrowing costs, a government official said. The changes being announced by President Dilma Rousseff’s government won’t affect existing deposits, which will continue to earn more than 6 percent, according to the official, who is familiar with the plans and isn’t authorized to discuss them publicly.

To contact the reporter on this story: Carla Simoes in Brasilia at csimoes1@bloomberg.net;

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net

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