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Weekly Report - 14 May 2009 (WR-09-19)
BRAZIL: Government set to change saving regulations
The drastic fall in the base interest-rate, the Selic, in recent
months may force the government to take an unpopular measure and change the
regulations for savings accounts. In order to protect savers when Brazil
suffered from hyperinflation throughout the 1980s and early 1990s, which forced
the adoption of several heterodox economic policies, the minimum interest rate
paid on savings accounts was established by law. But due to the recent fall in
the Selic, this regulation has made savings accounts as attractive, if not more,
than both government and bank bonds.
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