Central Bank of Brazil offers boost to auto industry

central-bank-brazil

The Central Bank of Brazil on May 21 announced it was lowering the reserve requirements on loans made for vehicle purchases as part of a wider government push to boost the automobile industry in the country.

The cut will give banks the leeway to lend around R$18 ($8.81) more to people wanting to finance car or commercial vehicle purchases. This amount represents about 10% of the total loans issued to this industry, the central bank said.

Calling the auto industry an "important" sector for the

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