Interest charged must be discussed in court

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A few months ago, in the wake of economic discussions, we saw our president repeatedly speak out against the high interest rates and spreads practiced by Brazilian banks. In line with this criticism, the Central Bank systematically reduced the Selic rate, which stands at % per year.





However, everyone obviously knows that this level of % per year is not the benchmark for the financial cost practiced by the Brazilian banking system. Interest rates for personal loan operations in June increased, on average, by percentage points (pp), going from % per month (am) to %, reports the Procon-SP Foundation.



In an approximation exercise, let us assume that the average financial cost in Brazil is currently % per year.



Let us now do a comparative exercise. The average BTC Number Data financial cost in the USA, when someone (company or individual) goes to a bank and takes out a loan, is % per year.



So, hypothetically, let's take a capital of US$ million or R$ billion.



Our North American colleague, taking out a loan of US$ million, will pay US$ thousand a year in interest.



Brazilians, taking a capital of R$ million (rounding the dollar rate to R$), will pay R$ million or US$ thousand per year in interest.







What we pay here in one year, Americans pay in years.



It is not difficult to understand that this situation, when credit is one of the fundamental conditions of an economy, is an extremely harmful factor for Brazil and our economy and society.



This cost of credit, so exorbitant and discrepant, simply precludes any possibility that the borrower, with the investment of the borrowed capital, generates a return that allows him to remunerate such interest.