Interest rates in Brazil are not "civilized", says Durigan to CNN

The Minister of Finance, Dario Durigan, said in an interview with CNN Brasil this Thursday (21) that interest rates in Brazil are not "civilized", with the Selic at 14.5% per year.

Durigan stated that seeing the public debt being rolled over at the current interest rate bothers him a lot, but that he is working to mitigate the impact on states and municipalities.

"Instead of taking money from governors, I sat down with them and made an agreement so that we could share the costs and maintain the fuel supply in the country."

The minister also said that the government is on the right path and "there is no silver bullet" that will resolve the interest issue immediately.

"We are striving to learn from our mistakes and do the best we can."

High interest rates discourage consumption and can slow down the economy; understand

Source: CNN