Government says credit card interest rate to begin to drop in March

Finance Minister Henrique Meirelles said today (Dec. 22) that credit card interest shall be lowered from the end of next year's first quarter.

"We expect about 90 for the measures to begin to be implemented. And this will already be in effect from the end of the first quarter. It is a feasible term,  since the current conditions of the Brazilian economy are already quite different, and we are in the process of a fiscal adjustment," said the minister.

Meirelles reported that the country's economy is showing signs of recovery and that its development will be even more "visible" next year.

The minister pointed out that Central Bank authorities have met with the banks leaders to emphasize the need for "everyone's efforts" for Brazil to recover growth.

Translated by Amarílis Anchieta