According to the president of the BC, there is much doubt about how much the measure ‘represents a new flow of credit or an old debt replacement with new, and how this will unfold in time’
Last Thursday (27), the president of the , addressed a theme of great relevance to the Brazilian economy: the impacts of for workers with a formal contract. During the presentation of the first semester monetary policy report, Galipolo pointed out that the effects of this program have not yet been incorporated into the institution’s projections. Launched by the federal government a week ago, the program aims to offer low interest rate loans to celetist workers.
However, Galipolo stressed that estimates on the impact of private payroll have significantly varied, generating uncertainties about whether this represents a new credit flow or just replacement of old debt.
“We have not considered, in our projections, the impact of private consignment. We have seen, since the launch, varied estimates of what the impact will be. There is a lot of doubt about how much this represents a new credit flow or an old debt replacement with new, and how this will unfold in time,” said the BC president.
The payroll credit program, which also seeks to leverage President Lula’s popularity, has already shown a considerable impact. According to Dataprev, more than 193,000 contracts were registered and 11 million credit proposals were sent. In the first week, the program granted more than $ 1.28 billion. Using FGTS as a guarantee, credit has started operating on official platforms and will be available on private banks from April 25. Despite the initial success, the initiative has faced criticism from experts and economic influencers, including some who support the government.
To face criticism, the government is developing a raising awareness measure about the use of payroll loans, inspired by similar actions made for the responsible use of online gaming platforms. The goal is to ensure that the population uses the loan responsibly, especially considering that workers’ FGTS is used as a guarantee.
The government team is currently collecting more information about this measure, which will be released soon. Communication about the program has been the target of criticism, including within the government itself, and the new measure is expected to help clarify doubts and guide the population.
*With information from Marília Ribeiro
*Report produced with the aid of AI
