Central Banking

Brazil's central bank aids debut of new SPB today

BRAZIL - The Central Bank reduced the interest rate charged banks in one-day rediscount operations from 6% to 1% a year, plus the variation of the Selic basic interest rate.

As a result, money will become cheaper by the end of June and more abundant, initially, to create a favourable climate for the debut of the new Brazilian Payments System (SBP), which no longer will allow banks to have a negative balance at any time during the course of the day in the accounts that they maintain with the Ce