Central Bank of Brazil offers boost to auto industry


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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