Vice President and Minister of Development, Industry, Commerce and Services, Geraldo Alckmin.| Photo: Antonio Cruz/Agência Brasil.

The vice-president and minister of Development, Industry, Commerce and Services, Geraldo Alckmin (PSB), said this Monday (27th) that nothing justifies Brazil having “the highest interest rate in the world”. Despite pressure from the federal government, the Central Bank decided to keep the Selic rate at 13.75% a year last week.

“I always heard that we had three difficulties: interest, tax and exchange rate. The exchange rate is now fine, the exchange rate is now just stable, it does not allow for large fluctuations. The tax, we are there on the verge of having it there, God willing, finally tax simplification, which will boost industry and employment,” said Alckmin.

“And we are going to work to lower interest rates, because there is no reason, there is no demand that justifies having the highest interest rates in the world. And that makes it enormously difficult,” he added. Alckmin participated this afternoon in the inauguration ceremony of the new president of the National Council of Sesi, Vagner Freitas de Moraes.