Reuters: US Dollar Report: Finance minister confirms Brazil will alter savings rules

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Finance minister confirms Brazil will alter savings rules May 3rd 2012, 22:01 BRASILIA | Thu May 3, 2012 6:01pm EDT BRASILIA May 3 (Reuters) - Brazil will modify the rates of return on some domestic savings accounts, Finance Minister Guido Mantega confirmed on Thursday, a step that should allow interest rates to continue falling in the coming months. The changes would apply when the benchmark Selic rate, which is set by the central bank, is at or below 8.5 percent, Mantega said. In such cases, savings accounts will return 70 percent of the Selic rate instead of their current fixed annual return of about 6 percent. When the Selic is above 8.5 percent, the rules for savings accounts will remain unchanged, Mantega said.

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