Balance was R$6.972 trillion in the month, an increase of 9.5% in the 12-month period, according to the Central Bank
The country’s credit stock increased 0.9% in November compared to October, going from R$6.913 trillion to R$6.972 trillion. The (Central Bank) released the report “Monetary and credit statistics” this Friday (Dec 26, 2025). Here is the document (PDF – 341 kB).
The balance accumulates an increase of 7.9% from January to November. In 12 months, it grew 9.5%. The monetary authority estimated the expansion of Brazil’s credit stock for 2025 from 8.8% to 9.4%. For 2026, the projection rose from 8.0% to 8.6%.
The Central Bank separates the credit stock into 2 large groups:
- free resources –contracts signed after market negotiation;
- targeted resources – which have subsidies from governments (federal, state or municipal), state or others to make rates more attractive.
The stock of credit with free resources increased 0.7% in November compared to October. In the year to date, it rose 5.9%. In 12 months, it increased 7.8%.
The credit balance made with earmarked resources increased by 1.0% in the month, 10.6% in the year and 11.9% in 12 months.
CREDIT STOCK
When considering both earmarked and free resources, the stock of credit for legal entities increased by 0.3% in November compared to October. It rose 4.4% from January to November. It increased 7.0% in 12 months.
The volume of credit for individuals increased by 1.2% in November. It increased by 10.1% year-to-date and 11.1% in 12 months.
INTEREST RATE
Brazil’s average annual interest rate was 31.9% in November. The level is 0.1 percentage point (pp) higher than that recorded in the previous month. In 1 year, it rose 3.5 pp. For legal entities, the average rate was 20.6%. It fell 1.0 pp in the month, but increased 1.6 pp in 1 year.
The average interest charged to individuals increased to 37.0% per year in November. The increase was 0.6 pp in the month and 4.1 pp in 12 months.
O spread Banking is the difference between the interest rate that banks charge on loans and the one they pay to raise funds. According to the BC, the spread banking was 20.9 percentage points in November. It rose 0.3 pp in the month and 2.5 pp in 1 year.
INTEREST & MODALITIES
When considering only credits with free resources, the average annual interest rate was 46.7% in November. It increased 0.6 pp in 1 month and 6.0 pp in 12 months.
The Central Bank said that the average interest rate for individuals (59.4%) is higher than that recorded for legal entities (24.5%).
The average interest rate on revolving credit cards rose to 440.5% per year. The monthly increase was 0.7 percentage points. In 12 months, however, it fell 5.4 percentage points.
