BRAZIL | `Upturn towards year-end'. Finance minister Antônio Palocci last week predicted an upturn in economic growth in November-December, and `even more successful' performance in 2004. He also said that he will be seeking a new, US$10bn agreement with the IMF, but only as `a sort of insurance' in case of upsets in the world financial markets. `We don't want to use that money because it is expensive,' he said. `We shall have it simply as a guarantee.'
CHILE | Consumer credit surges upwards. In what has been welcomed as a sign of reactivation of Chile's domestic market, consumer credit has increased in January-September by 10.6% year-on-year, with the last month recording a 14.5% increase — the biggest of its kind in almost six years. Banks are now confident that they will reach their target expansion of 12% for the year as a whole, since one of the peak borrowing months, December, still lies ahead. The number of borrowers has risen to 2m, about the same as prior to the economic crisis. This said, the evolution of lending to companies over the past year shows up flat as far as local credit is concerned and 19% down as regards borrowing from abroad.
End of preview - This article contains approximately 330 words.
Subscribers: Log in now to read the full article
Not a Subscriber?
Choose from one of the following options
