Demand for consumer credit in Brazil was almost unchanged in April from March, dipping just 0.3%, Diário Comércio Indústria & Serviços reported May 21, citing credit research firm Serasa Experian.
Compared to April in the previous year, however, demand for credit was up 23.9%. The number of borrowers also rose 15.2% in the first four months of 2018 year over year, though Serasa Experian noted that April 2018 had 21 business days, compared to 18 business days in April 2017.
Out of the total figure in April, the greatest annual increase for credit demand came from those earning below 500 Brazilian reais monthly, the report said. The second-highest annual growth figure of 19.3% came from those who earn between 5,000 reais and 10,000 reais per month.
Economists at the research firm said reasons for the higher demand include lower interest rates compared to a year earlier and higher consumer confidence from a drop in inflation.
As of May 21, US$1 was equivalent to 3.71 Brazilian reais.
