Banks in Rio Could Close Soon to Prevent Spread of Coronavirus

RIO DE JANEIRO, BRAZIL – By Wednesday afternoon, March 18th, branches all over the city of Rio were operating regularly, although the flow of customers was below average.

In the midst of the Coronavirus crisis, the country’s main banks announced this week that they will be deferring the payment of debts for 60 days, both for individuals and for micro and small-sized companies.

The banking institutions’ goal is to help the Brazilian economy in this early stage of coronavirus cases in the country and was jointly announced by Banco do Brasil (Bank of Brazil), Bradesco, Caixa Econômica Federal, Itaú Unibanco and Santander.

In a statement, the Brazilian Federation of Banks (FEBRABAN) said that it and “its affiliated banks, responding to the moment of concern for Brazilians about the disease caused by the new Coronavirus, have been discussing proposals to mitigate the negative impact of this pandemic on employment and income”.