The surprise decision by the Brazilian central bank to call an end to its easing cycle in May, because of concerns about emerging market volatility, has offered some respite to the banks that have been facing a drastically lower interest rate environment.
Candido Bracher, chief executive of Itaú Unibanco, gives a glimpse into the ferocity of the authorities’ push to reduce credit spreads charged by the banks as the central bank has been slashing the country’s base rate from 14.25%
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