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Brazil credit operations slip in April, central bank says

The balance of credit operations in Brazil's financial system hit 3.072 trillion Brazilian reais in April, down 0.2% from the prior month and 2.2% below the year-ago level, according to central bank data released May 25.

The monthly movement came as a 0.1% increase in consumer credit, at 1.577 trillion reais, was offset by a 0.5% decline in corporate loans, which hit 1.495 trillion reais, Banco Central do Brasil said.

The credit-to-GDP ratio came to 48.4%, down from 51.8% in April 2016.

The default rate of balances of more than 90 days in arrears held stable at 3.9%, though was up 30 basis points from a year earlier, the central bank said.

As of May 25, US$1 was equivalent to 3.28 Brazilian reais.