Reuters: US Dollar Report: Brazil gov't to change rules for savings - decree

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Brazil gov't to change rules for savings - decree May 3rd 2012, 17:03 By Jeferson Ribeiro and Tiago Pariz BRASILIA | Thu May 3, 2012 1:03pm EDT BRASILIA May 3 (Reuters) - Brazilian President Dilma Rousseff is seeking to change the method for calculating returns on domestic savings accounts when the benchmark Selic rate falls below 8.5 percent, according to a draft copy of a presidential decree seen by Reuters on Thursday. In such cases, savings accounts would offer a return equivalent to 70 percent of the Selic rate, the draft decree said. When the Selic is at or above 8.5 percent, the current system for savings accounts with a fixed return of about 6 percent annually would apply. The initiative signals that Rousseff is paving the way for the Selic to fall further than some market analysts had anticipated in the coming months. The benchmark rate is currently set by Brazil's central bank at 9 percent.

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