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Boa Vista SCPC: Consumer credit recovery in Brazil up 3.8% in H1 YOY

Credit recovery for Brazilian consumers increased 3.8% in thefirst half of 2016 compared to the same period in 2015, according to data releasedby credit research firm Boa Vista SCPC.

In June, the index dropped 5.1% from the prior month and 8.6%year over year, after recording a positive increase in May from a year earlier.

According to the firm, the default framework is deterioratingagain as the increase in non-performing consumer records in recent months stillsurpasses credit recovery rates.

Meanwhile, credit firm Serasa Experian said it recorded 59.47million consumer defaulters in May, 1.3 million less from the previous month, whenthe number of individuals with delayed payments totaled 60.73 million.

That is the first drop since December 2014, the firm noted, addingthat delayed payments in May came to 264.2 billion Brazilian reais.

The firm's economists attributed the default drop to renegotiatedcredit terms or savings withdrawals. Data from Banco Central do Brasil showed withdrawals deposits by 42.6 billion reaisbetween January and June 2016.

As of July 12, US$1 wasequivalent to 3.28 Brazilian reais.