November 28, 2019 / 1:19 PM / 10 days ago

Shares in Brazilian banks down after cap on overdraft credit

SAO PAULO, Nov 28 (Reuters) - Shares in Brazil’s biggest lenders were down more than 1% in Thursday early morning trading after the country’s monetary policy committee imposed a cap on interest rates on overdraft credit.

Banks will not be allowed to charge interest rates over 8% per month on overdraft credit, or 150% annually, the committee said. Currently the average annual interest rate is roughly 306%. (Reporting by Carolina Mandl and Paula Laier Editing by Alistair Bell)

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