January 18, 2018 / 9:09 PM / in a year

Brazil adjusts savings account methodology; returns unaffected

BRASILIA, Jan 18 (Reuters) - Brazil’s top economic policymaking body on Thursday made adjustments to the methodology for calculating rates on savings accounts, without altering their returns.

Interest earned on savings accounts will now be based on yields on government debt, instead of bank deposit certificates, which have fallen out of favor in financial markets. The new calculation will effectively result in the same rates as the previous methodology, said Fernando Rocha, the head of the central bank’s statistics department. (Reporting by Bruno Federowski and Marcela Ayres; Editing by Leslie Adler)

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