Brazil's Central Bank ranks financial institutions' payroll loan rates

The Central Bank has published a ranking of financial institutions' interest rates for private sector payroll loans, aiming to boost competition. The government is monitoring these rates. The published ranking includes interest rates for various credit lines, including private sector loans guaranteed by FGTS, launched in March. The average interest rate among 41 institutions was 3.2% per month, with rates ranging from 0.7% to 6.48%. The government may potentially cap interest rates if deemed necessary, and workers can now transfer their payroll loans between institutions. The Ministry of Labor is currently monitoring the banks offering these loans.