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Lower House Approved Credit Card Bill, 2023 GDP Revised Higher At Bradesco

BRAZIL
  • The Lower House approved a bill that could limit the growth of credit card debt to 100% of its original amount. The bill goes to the Senate before President Lula can sign it. Once the bill becomes law, credit card companies will need to submit their own regulatory proposal that will need approval from Brazil’s national monetary council, or the proposed cap will take effect (BBG).
  • Bradesco revises Brazil 2023 GDP forecast to 2.7% from 2.1% previously. The revision comes after the 2Q GDP surprised to the upside, which came from a better performance of agriculture and family consumption. For the second half, they foresee a gradual deceleration.
  • Finance Minister Haddad meets the IMF executive director for Brazil Afonso Bevilaqua (1400BST/0900ET). Governor Campos Neto meets Itaú representatives following a meeting with the CEOs of Itau, Bradesco, Santander Brasil, Nubank and Febraban (1400BST/0900ET).

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