Brazilian Banks May Have to Extend Debt Moratorium

Brazilian banks may have to extend a moratorium on loan payments by consumers and small businesses beyond an initial two-month time frame, Banco Bradesco SA’s chief executive said on Wednesday, as the coronavirus crisis squeezes Latin America’s biggest economy, Reuters reported. CEO Octavio de Lazari became the latest top Brazilian banker to warn that existing measures to help the country’s small businesses and consumers may need to last longer given the gravity of the crisis. In March, Brazilian banks paused retail debt payments for two months amid the crisis caused by the coronavirus. Lazari said banks would have room to pause such payments for up to six months without being required to make provisions for them. He also said the 2020 outlook Bradesco disclosed in February was no longer valid, while refraining from setting new targets. Read more