The president of BNDES also stated that the subsidized credit granted by the institution does not compromise monetary policy
The president of the National Bank for Economic and Social Development (BNDES), Aloizio Mercadantestated this Sunday (17) that the subsidized credit granted by the institution does not compromise monetary policy Brazilian. According to the executive, problems in the financial systemsuch as the case involving the Banco Master, have a more relevant impact about the interest rate.
“What spoils the fall of the Selic is a Master Bank, which was not inspected and resulted in a loss of R$51 billion for the financial system”, said Mercadante, in an interview with “Canal Livre”, from Band.
The president of BNDES also highlighted that only 23% of the bank’s portfolio has some type of subsidy and classified this volume as “irrelevant in view of the total credit market of the Brazilian economy”.
Mercadante highlighted the importance of credit directed to sectors considered strategicwith emphasis on the agribusinessgiven the rising cost of inputs, such as fertilizers. “Agriculture needs subsidies. And, at a time like this, it needs more,” he said.
O Fertilizer prices rose by around 50% due to wars between Russia and Ukraine and in the Middle East, according to Mercadante. Given this scenario, the executive stated that it is necessary expand investments in national production of fertilizers for reduce the country’s external dependence.
