Quote:
Originally Posted by RalphJ
Things are changing Rob but certainly not drastically. And you can take that from someone on the ground here that works with the banks on a daily basis. Although there has been in the neighborhood of 20 reductions in the SELIC over the last 24 months the reduction to the consumer hasn't came close to matching the reduction in the percentage that the banks are now borrowing for. Meaning...the banks are making even MORE money than they were before here in Brazil.
Believe me, 3 years ago Bradesco here set a world-wide record for percentage of profit growth from one year to another. The Jews in NY went beserk when they saw what Bradesco accomplished....and it's no wonder.
Once again I'll state, if anyone wants to get a loan for a high cost item here in Brazil....it better be within 60 months or your in for some extremely high interest payback. Not like 11% per year isn't high interest already! Compound that interest over 15 years and see what ya get.
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According to my contacts (who are in a position to know) Brazil is in for a few changes over the next 3 to 5 years in the banking and credit sectors. So whilst what you are saying is true now it wont be for too long.