Brazil’s Central Bank Seeks to Encourage Greater Competitiveness Among Banks

The goal is to reduce interest rates and expand access to financial services.

RIO DE JANEIRO, BRAZIL - The Central Bank (BC) seeks to encourage banking competitiveness in the country in order to reduce interest charges and expand the population's access to financial services.

The president of the institution, Roberto Campos Neto, said on Thursday, January 9th, that technological advances in the sector, such as open banking and the instant payment system, will open the market and will be "a milestone in the Brazilian financial industry".

"Much of what we are doing is to match digital networks with physical networks. All the barriers that keep the digital platform from competing are in this . . .

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