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Brazil central bank chief seeks more competition in banking sector

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Brazil central bank chief seeks more competition in banking sector

The president of Banco Central do Brasil, Ilan Goldfajn said Nov. 24 that the regulator should help stimulate more competition in the country's banking sector, rather than by simply targeting concentration in the market, Valor Econômico reported.

Goldfajn said competition in the Brazilian banking industry would create more spreads and drive lower prices.

The central bank head also said that competition will increase if guarantees in credit operations are improved and will drive innovation.

The regulator also needs to reform the country's credit card industry in the medium and long-term to comply with international standards, according to Goldfajn.

Among the reforms being pushed are a reduction in payment terms for retailers from 30 days to two days.