Housing credit boosts banks in Brazil
Sales of Brazilian property helped the country’s banks to positive credit figures last year, according to new data which has been released.
The Financial System Monetary Policy and Credit Operations Report, disclosed by the Central Bank, showed that 1.389 trillion reais (£497 billion) was expanded in credit, showing a return to in the level of economic activity.
Brazzilmag.com reported that these figures illustrate an expansion of 1.5 per cent over October and 14.9 per cent over the previous 12 months, meaning that the total number of loans is equivalent to 44.9 per cent of gross domestic product.
Credit turned to Brazilian property and agribusiness totalled 57 billion reais, an expansion of 1.8 per cent in the month and a huge 28 per cent in the last year.
The Wall Street Journal reported that improving economic conditions and declining interest rates was the momentum behind the figures.
