January 4, 2019 / 10:45 AM / 5 months ago

Brazilian cenbank may get power to grant licenses for foreign banks -newspaper

SAO PAULO, Jan 4 (Reuters) - Brazil’s President Jair Bolsonaro is likely to transfer to the central bank the power to approve the entrance of new foreign lenders into the country, bank head Ilan Goldfajn told newspaper Valor Economico.

The move could foster competition in a highly concentrated banking system. Currently, foreign banks need a presidential decree to operate in Brazil.

Reporting by Carolina Mandl; editing by John Stonestreet

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