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Brazil's credit growth slowing to a “sustainable pace”, says Central bank

Wednesday, November 9th 2011 - 07:02 UTC
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Luiz Pereira, central bank head of International affairs Luiz Pereira, central bank head of International affairs

Brazil’s credit growth is slowing to a sustainable pace and sufficient to feed domestic demand, said on Tuesday Luiz Pereira, the central bank’s director of international affairs.

Advanced economies will probably grow at a slow pace over the next years because of over-indebtedness, Pereira said at an event in Brasilia, according to a transcript of his comments published on the central bank’s website.

The central bank will remain vigilant against the effects of the global crisis and “will take measures to shore up the Brazilian financial system where necessary”, Pereira added

Brazil's government is enacting policies that will permit the economy to continue to grow at a strong pace in coming years, improving the quality of life of all Brazilians, the Central bank top official pointed out.

“We have solid economic fundamentals, adequate policies for reacting to the crisis and a rigorous regulatory framework,” he said. “We have an excellent outlook for the economy to continue to grow without imbalances”.

 Brazil's economy expanded 7.5% last year, the fastest pace in more than 20 years, and will grow between 3.5% and 4% this year, Finance minister Guido Mantega announced last month.

Categories: Economy, Brazil.

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  • GeoffWard2

    Better to be sustainable than Boomed and Busted.

    It would seem that the recent history of Central Bank and Ministry of Finance appointments have been the passage from one 'safe pair of hands' to the next.

    Thank God this anchor-state of the South American economies holds firm; it is horrible to think what the region would look like with a Bust.

    Nov 09th, 2011 - 02:45 pm 0
  • Fido Dido

    it is horrible to think what the region would look like with a Bust.

    Go to Europe or visit the United States to witness a modern bust and many more busts. I witness it, sometimes I feel i'm in the twillight zone and I'm already thinking/planning to leave.

    Nov 09th, 2011 - 05:25 pm 0
  • GeoffWard2

    just imagine what a collapse of the SA banking system would do to the Unasur coalition.
    Using Fido's EU analogy, Brasil (=Ger) would have to bail-out how many countries?
    How many trillion dollar-equivalents that would take!

    Yes, be very thankful Brasil is practicing 'sound finance' (whatever I say about it's internal stupidities, it is still a great place to be :-)

    Nov 09th, 2011 - 07:31 pm 0
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