Credit: Effects of the Bank Strike and Some Moderation by Public Banks

BRAZIL ECONOMICS - Report 28 Nov 2013 by Marcelo Gazzano, Cristina Pinotti and Affonso Pastore
The total stock of credit as a percentage of GDP remained virtually unchanged in October, at 55.4%, versus 55.5% in September. The growth of credit in real terms continued to decelerate, reaching 8.3% in the 12 months through October (Graph 1). In September and October, this deceleration may have been accentuated by the bank workers’ strike, which lasted from September 19th to October 11th. Graph 1Total Volume of Credit – 12-month ratesIt is important to note, however, that in October there was no change in the volume of credit supplied by official banks. In this case, more than just the ef...

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