OK, that might still be an exaggeration, just as we begin the decade. But the signs are clearly pointing to an end to Brazil’s famously high-cost banking system, and sooner rather than later.
At the end of 2019, the Central Bank of Brazil made headlines when it announced a ceiling on the ‘cheque especial’ product – or overdrafts, in English. Financial institutions will no longer be able to charge more than 8% a month (for clients with negative balances above R$500).
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