Brazil's average bank interest rate down to 44.1% in August

The average interest rate practiced by Brazilian banks in credit to individuals fell from July's 44.9 percent in July to August's 44.1 percent per year, the country's central bank said Tuesday.

The figure was the lowest since December 2007, it said, noting the rate charged in overdraft also saw a sharp fall from 167.3 percent per year in July to 161 percent in August.

The average rates charged in corporate credit operations also dropped from July's 26.7 percent to August's 26.4 percent per year, the lowest since April 2008.

Source:Xinhua