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'Banks don't lose money with Pix,' says Campos Neto when Bolsonaro denied it

‘Banks don’t lose money with Pix,’ says Campos Neto when Bolsonaro denied it

Campos Neto also highlighted that Pix has brought advantages to banks

(Reuters/Adriano Machado)

  • British Columbia President Roberto Campos Neto denies Bolsonaro.

  • According to him, the banks did not lose revenue with the creation of Pix;

  • On the other hand, Bolsonaro believes that Verapan’s commitment to the Fiesp character is due to losses with Pix.

Central Bank (BC) chief Roberto Campos Neto on Thursday (11) denied President Jair Bolsonaro, saying it was “not true” that banks lost money with Pix but that they had a series of advantages.

The statement came after Bolsonaro and government ministers criticized the accession of Verapan (Brazilian Confederation of Banks). Fiesp speech in defense of democracy and the electoral system. According to them, the motive is a Loss and alleged revenue loss resulting from the creation of Pix.

“I want to say it’s not true that banks are losing money with Pix, and at some point we have to do some kind of study to show that,” Campos Neto said at the Verapan Tech event in Sao Paulo.

According to the head of BC, the loss of income from transfers is compensated by the opening of new accounts and the creation of new business models. “You take money out of circulation and it’s too expensive for the bank, you increase transactions, you increase transactions.”

As explained by Alvaro Greibel’s column, from the O Globo portal, the beginning of the development of Pix occurred during the Temer government, when Ilan Goldfajn was head of BC. The system was released in November 2020.

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Campos Neto also said that the withdrawal of physical funds from circulation, due to joining Pix, helps banks reduce their expenses. “Our vision is not about who loses and who wins. [os bancos] A smaller piece of a much larger pie. We are already seeing this in the financial system. He pointed out that we want funding. We want competition with inclusion.

record profit

Despite Bolsonaro’s assertions, the Financial institutions achieved record profits, estimated at 132 billion Brazilian riyals, last year. This was the best result in 27 years. According to the Basel Accord, improvement is associated with interest rate growth, reduction in expenditures with allocations (resources that are allocated to meet potential losses) and efficiency gains.

Profitability was also positive in 2021, after the previous year’s record declined due to the COVID-19 pandemic. The alleged return on equity of the national banking system was 15.1% in December of last year, compared to 11.5% at the end of 2020.