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Bolsonaro’s re-election bid has left a billionaire hole in Caixa, a website said

Bolsonaro’s re-election bid has left a billionaire hole in Caixa, a website said

bid for re-election Jair Bolsonaro (PL) In 2022, a billionaire defaulted on accounts Caixa Economica Federal.

according to amazingto expand his constituency among the poorest, created the former president, with the support of Pedro Guimaraestwo lines of credit in the bank for this segment of the population, which led to their liberation 10.6 billion riyals to 6.8 million people by October 2022.

The first is called digital SIM card, lent 3 billion riyals to people with dirty names. However, defaults in the program reached 80%, forcing the bank to turn to the guarantee fund obtained from FGTS to cover the deficit.

The second one was issued Loans intended for Brazilian aid, released 7.6 billion riyals. However, as more than 100,000 debtors were excluded from the Bolsa Família, repayment of credit installments was uncertain.

To meet Bolsonaro’s deputies, the Caixa downgraded its highly liquid assets. At the end of 2022, the amount reached 162 billion riyals, reaching the lowest volume in the historical series, which began in 2017.

The biggest problem with the decrease in liquidity was the implementation by the bank specifically [Caixa] Programs directed by the federal government, such as microloans and the Auxílio deduction from the payroll. It is my understanding that these actions by the bank to the federal government are controversial and were clearly used prior to the election for very questionable purposes. This is a big problem and it will be inherited by the next government.”Caixa’s current president, Rita Serrano, said in December last year, when she was still representing employees on the bank’s board.

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As the site reported, Caixa drastically cut new credits in the last two months of 2022 to restore liquidity.