Brazil will reduce a transaction tax charged on consumer loans in a bid to reduce the cost of borrowing and stimulate economic growth, Finance Minister Guido Mantega said.
The so-called IOF tax on consumer credit will fall to 1.5 percent, the level it was at the start of 2011, from the current 2.5 percent, Mantega said.
“We have to push back against the effect of the crisis,” Mantega told reporters in Brasilia.
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