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Brazil’s Central Bank Intensifies Battle Against Sky-High Borrowing Costs
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wsj.comA 20% annual rate on a credit card might seem usurious to an American consumer, but Brazilian cardholders face an average annual percentage rate of 346% on their plastic.
The country’s central bank for years has been working to bring high borrowing costs down by, among other things, spurring competition in the country’s clubby banking industry with reduced barriers for financial technology firms to lend and provide other services.
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