Total lending in the Brazilian financial system remained strong in July as average interest rates continued to decline, the Central Bank said Wednesday. Total lending was R$3.1 trillion, down slightly from June on seasonal factors but up 2.4% from July of 2017. Interest rates averaged 20.9%, down from 21.1% in June and 23.2% in July of 2017. Continued interest rates declines have been promoted by the Central Bank in a largely successful effort to maintain consumption levels and help Brazil recover from a long recession.
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