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Markets News

Lower rates cuts Brazil's debt service by about $24 bln/year -minister

BRASILIA, Dec 18 (Reuters) - Brazil’s Economy Minister Paulo Guedes said on Wednesday that record low interest rates will mean the government will need to pay 100 billion reais ($23.83 billion) less each year servicing its public debt.

Guedes, speaking to reporters, said the private credit market in Brazil is expanding at a double-digit rate, which shows that the role of the state crowding out the lending market has shrunk, which will benefit smaller businesses. ($1 = 4.1964 reais) (Reporting by Marcela Ayres; Writing by Anthony Boadle)

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