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Changes to Brazil's credit card rules will take time, central bank director says

Changing Brazil's credit card rules regarding lending and other factors is becoming "more complex than ... initially thought," the monetary policy director of Banco Central do Brasil, Reinaldo Le Grazie, said in an interview with Valor Econômico.

For the past several months, the central bank director has been at the forefront of discussions with banks regarding changes to credit card regulations, including rules for grace periods, installments and reduced interest fees for on-time payers.

Le Grazie said the credit card business is a complex model that will take time to understand and decisions shouldn't be rushed as they could impact the present balance of the industry.

Overall, the central bank executive said he sees Brazil's economy showing strong signs of stabilization, but recovery will be gradual.