2023-08-28 17:18:52
The Copom – Central Bank Monetary Policy Committee opted for the reduction of the Selic rate from 13.75% to 13.25% per year due to the improvement in the inflationary scenario, partly reflecting the lagged impacts of the monetary policy, allied to the fall in inflation expectations for longer terms.
This was the first cut in the basic interest rate following a long three years, as the last drop had taken place in August 2020, in the midst of the most acute phase of the Covid-19 pandemic, when the Selic rate fell from 2.5% to 2% per year.
“Selic is the economy’s basic interest rate. It is the main monetary policy instrument used by BC – Central Bank to control inflation. The name of the rate comes from the acronym of the Special System of Liquidation and Custody, which is nothing more than a financial market infrastructure managed by the Central Bank”, explains Rodrigo Salim, a financial specialist with more than 15 years of experience in companies in the segment, graduated in Law from Mackenzie University and an MBA in Business Management from INSPER/IBMEC.
It influences all interest rates in the country, such as loans, financing and financial investments. When it rises, the interest charged becomes higher, discourages consumption and favors the fall of inflation. On the contrary, when it falls, borrowing money becomes cheaper and this stimulates consumption.
What changes in financing, loans and credit card?
The 0.5% drop in the Selic rate changes the average interest rate little, according to the Anefac – National Association of Finance, Administration and Accounting Executives. According to the association, interest for individuals will increase from 126.23% to 125.22% per annum. As for legal entities, the average rate will go from 62.21% to 61.46% per year.
Some examples:
Financing a consumer good worth BRL 1,500 in 12 installments, the buyer will pay BRL 0.81 less per installment and BRL 9.73 less in the final amount with the new Selic rate; Overdraft check: customers who reach the limit of R$1,000 for 20 days will pay R$0.27 less; When using R$ 3,000 from the revolving credit card for 30 days, the customer will spend R$ 1.20 less. A personal loan of BRL 5,000 for 12 months will charge BRL 1.24 less per installment and BRL 14.89 less following paying the last installment. A loan of BRL 3,000 in 12 months from a finance company will be BRL 0.41 cheaper per installment and BRL 4.87 cheaper in total. When financing a car for R$40,000 for 60 months, the buyer will pay R$11.32 less per installment and R$679.10 less for the total amount.
Regardless of the Selic rate, for anyone thinking of taking out a line of credit, it is important to know that it is possible to choose from many options, such as a payroll loan, personal credit, among others, that serve the most diverse needs. “Before taking the decision to hire a financial service, it is essential to know and understand the correspondent banking network well, which delivers confidence and solidity, for example”, says Salim.
It is also important to know what this network is like, whether it is made up of one or hundreds of business partners throughout the country, including regions with a low banking presence, offering the widest range of credit products, consortiums and exclusive insurance, customizing solutions for all audiences.
“It’s important to keep in mind that loans are debts, so hiring them is only recommended if you have a defined objective. In this way, you avoid unnecessary debts to keep your financial life in order”, concludes the financial specialist.
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