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RIO DE JANEIRO, BRAZIL - This may occur because savings yields are 70 percent of the SELIC, plus the Reference Rate (TR), which is zero.

Currently, the SELIC stands at 5.0 percent per year and the Central Bank has already signaled that the rate should drop in December to 4.5 percent per year and close 2020 at this level. As a result, savings yields will increase from 3.5 to 3.15 . . .

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