Brazil Steel Congress: Bolsonaro says measures will grow economy

Thursday, 22 August 2019 23:00:14 (GMT+3)   |   Sao Paulo

Brazilian president Jair Bolsonaro announced several measures during the Brazil Steel Congress, held in Brasilia, from August 20-21, which are said to help grow the local economy.

Bolsonaro said state-owned bank Caixa Economica Federal released a new credit line with reduced interest for the local civil construction sector. The measure is expected to benefit the civil construction segment as well as the domestic steel sector.

The civil construction sector accounts for 34.1 percent of Brazil’s apparent steel consumption, according to data from local steel association, IABr.

“(Caixa’s initiative) will reduce from 30 to 50 percent the monthly loan payment for those buying a home,” the president said.

Bolsonaro said a provisional decree has also waved companies from publishing their earnings in newspapers. Before the measure, corporations were required to publish their earnings.

Bolsonaro said the measure would reduce BRL 1.2 billion ($295.3 million) in costs for the business sector in Brazil.

USD = BRL 4.06 (Aug. 22)

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