Reuters: US Dollar Report: Brazil says savings rules give space for rate cuts

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Brazil says savings rules give space for rate cuts May 3rd 2012, 22:12 SAO PAULO | Thu May 3, 2012 6:12pm EDT SAO PAULO May 3 (Reuters) - New rules for Brazilian savings accounts will allow the central bank to continue lowering interest rates, reflecting structural changes in Latin America's largest economy, Finance Minister Guido Mantega said on Thursday. Mantega said Brazil will modify the rates of return on some domestic savings accounts that would apply when the benchmark Selic rate, which is set by the central bank, is at or below 8.5 percent. When the Selic is above 8.5 percent, the rules for savings accounts will remain unchanged.

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