Fraga wants to revoke 500 Finance System norms

BRAZIL - Central Bank President Arminio Fraga said Tuesday that he plans to revoke at least 500 of the approximately 2,000 norms in the National Finance System (SFN) - rules to which Brazilian financial institutions are subject.

According to him, the remaining 1,500 should be simplified to facilitate the lives of consumers. One of the recent advances, according to Fraga, was the creation of the Consumer Banking Code. Fraga said that the road to Brazilian development passed through rationalization

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