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Financial News: ITAÚ UNIBANCO: Bank Projects Two Potential Rate Cuts

ITAÚ UNIBANCO: Bank Projects Two Potential Rate Cuts In Brazil In The 1Q18

02/06/2018 - 18:49:00 (RTTNews)

(RTTNews) - Itaú Unibanco believes that the Brazilian central bank may cut Selic, the country's benchmark interest rate, two times in the first quarter of 2018 - the first being tomorrow and the second possibly at the next monetary policy meeting, said Candido Bracher, the financial institution's chairman.

According to Bracher, the bank is working on the prospect of a lower basic interest rate for 2018 but foresees only two further cuts in the rate over the year.

"We still have room to reduce the Selic this year, will have a cut now and maybe another next month. We will still have a quarter to analyze the impact of this lower rate at our margins," said the executive.

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