Latest news with #CentralBankofBrazil
Yahoo
22-05-2025
- Business
- Yahoo
Binance Pay integrates with Brazil's Pix for instant crypto payments
Binance has integrated its payment platform, Binance Pay, with Brazil's Pix system to facilitate cryptocurrency transactions in Brazilian reais. This integration enables Binance users in Brazil to conduct direct transfers from their exchange accounts to any local bank account or merchant accepting Pix. This initiative supports over 100 cryptocurrencies, allowing for instant conversion and transaction completion within seconds. Pix, an instant payment solution, was launched by the Central Bank of Brazil in 2020. Binance CEO Richard Teng said: "Integrating Pix, a remarkable development by the government of Brazil, with Binance Pay marks a revolutionary step forward, combining the speed and accessibility of Brazil's instant payment system with the global reach and innovation of Binance. This synergy empowers users with seamless, real-time transactions, enhancing the crypto experience and driving financial inclusion to new heights." Binance Latin America regional vice president for Guilherme Nazar added: "This is a significant milestone because it is the first time Binance Pay is integrated into a national payment system in the world. 'It allows our users in Brazil to use their cryptocurrencies for payments at any commercial establishment and to anyone in the country, quickly, safely and easily, using a system they are already familiar with.' Binance Pay is a cryptocurrency payment feature on the Binance app, enabling users and merchants to pay, send and receive crypto globally. The payments network supports in over 300 cryptocurrencies for more than 40 million active users and 32,000 merchants, to date. Binance serves over 270 million people across more than 100 countries. Earlier in the month, the company signed a memorandum of understanding with the National Agency for Investments of the Kyrgyz Republic, aiming to bolster the growth of digital assets in the region. "Binance Pay integrates with Brazil's Pix for instant crypto payments " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
07-05-2025
- Business
- CNBC
Brazil central bank hikes rates to near 20-year high, leaves next steps open
The Central Bank of Brazil headquarters in Brasilia, Brazil, on Thursday, Jan. 2, 2025. Brazil's central bank raised interest rates by 50 basis points Wednesday in a sixth straight hike that pushed borrowing costs to their highest in nearly 20 years, and left future steps open amid global uncertainties and sticky domestic inflation. The bank's monetary policy committee, known as Copom, raised the Selic to 14.75% in a unanimous decision, matching forecasts from 32 of 35 economists in a Reuters poll. Policymakers stressed that the current environment calls for a "significantly contractionary monetary policy for a prolonged period" to bring inflation to target, dropping previous language about the need for "a more contractionary" stance. "For the next meeting, the scenario of heightened uncertainty, combined with the advanced stage of the current monetary policy cycle and its cumulative impacts yet to be observed, requires additional caution in the monetary policy action and flexibility to incorporate data that impact the inflation outlook," they added in the decision's statement. Flavio Serrano, chief economist at BMG Bank, said the central bank left the door open for a smaller rate hike in June if needed, though he sees it as unlikely. "My base case is zero increase in June, holding at 14.75%. There may be room for a cut at the very end of the year, depending on how the outlook evolves," he said. In March, the central bank had already flagged the need for further tightening this month, though at a slower pace than the previous three 100 basis-point hikes. With Wednesday's move - announced just hours after the U.S. Federal Reserve held rates steady but cited the risk of rising inflation and unemployment - the Selic benchmark rate has now reached its highest level since August 2006. The sky-high rates come against a backdrop of a 5.49% annual inflation rate, well above the official 3% goal, with markets skeptical that inflation will return to target even by as far out as 2028. The aggressive tightening has added 425 basis points to the benchmark rate since September, but policymakers stressed on Wednesday they observe "an incipient moderation in growth," with indicators of domestic economic activity and the labor market still exhibiting strength. GLOBAL UNCERTAINTIES Now, however, the inflation risk balance is no longer described as tilted to the upside, but rather as featuring higher-than-usual risks on both sides - including a new disinflationary risk tied to falling commodity prices. "Indeed, the external scenario points to a greater disinflationary outlook than previously expected, which could support a pause in monetary tightening as early as June," said Rafaela Vitoria, chief economist at lender Inter. Global uncertainties, triggered by sweeping U.S. trade tariffs that have clouded the outlook for the world's largest economy, have led Copom members to emphasize the need for greater caution and flexibility in remarks ahead of the decision. The current environment, they previously argued, not only limits their ability to provide any guidance but also requires policymakers to consider a broader and diverse set of data to assess whether monetary policy is achieving its intended effects. Their concern about the trajectory of Latin America's largest economy came despite some favorable inflationary developments since the Brazilian central bank's latest policy meeting, including a stronger currency BRBY and lower commodity prices. On the other hand, the government of President Luiz Inacio Lula da Silva has unveiled new stimulus measures, such as changes to rules governing payroll-deductible loans, as it struggles to reverse a plunge in the leftist leader's approval ratings. Considering changes in macroeconomic conditions, Brazil's central bank on Wednesday lowered its 2025 inflation forecast to 4.8%, down from 5.1% projected in March. For the fourth quarter of 2026, the period most influenced by current monetary policy decisions, the bank now projects the 12-month inflation rate to reach 3.6%, down from 3.7% estimated in the quarterly monetary policy report released late March.
The Star
22-04-2025
- Business
- The Star
Brazil's financial market lowers 2025 inflation forecast to 5.57 pct
BRASILIA, April 22 (Xinhua) -- Brazil's financial market lowered its inflation forecast for 2025 from 5.65 percent to 5.57 percent and maintained its projection for 2026 at 4.50 percent, the Central Bank of Brazil said Tuesday. According to the bank's weekly Focus survey of leading financial institutions in the South American country, the decrease in inflation expectations proves that the monetary adjustment policy being implemented is beginning to take effect. Since last August, the central bank has raised the benchmark interest rate five consecutive times, from 10.50 percent to 14.25 percent annually. Market analysts expect the benchmark interest rate to end the year at 15 percent, and to be at 12.50 percent at the end of 2026. Regarding Brazil's economic growth, analysts upgraded their 2025 forecast from 1.98 percent to 2 percent and for 2026, from 1.61 percent to 1.70 percent. Analysts expect the Brazilian currency, currently trading at an average of 5.85 reals to the U.S. dollar, to reach 5.90 reals to the dollar by the end of 2025 and 5.96 reals to the dollar by the end of 2026. Regarding trade balance (exports versus imports), the financial market expects a surplus of 75 billion U.S. dollars in 2025 and 79.3 billion dollars in 2026. The forecast for foreign direct investment in Brazil remained at 70 billion dollars for both 2025 and 2026.
Yahoo
26-03-2025
- Business
- Yahoo
AstroPay expands multicurrency wallet to Latin American countries
Fintech company AstroPay has expanded its multicurrency wallet to several Latin American countries, including Colombia, Brazil, Argentina, Peru, and Chile. The move aims to enable digital workers and global travellers across the region to send, receive, and spend money more quickly and at a lower cost, bypassing the traditional banking systems, the company said. The company's approach involves direct licencing, forming partnerships with financial institutions, and leveraging international regulatory frameworks to enable global transactions. This allows individuals and businesses in Latin America to manage their finances with storage and conversion features, receiving and withdrawing international payments. The company claims that the wallet provides lower transaction costs compared to traditional financial services, as well as 'competitive exchange rates'. Moreover, the expansion is expected to aid businesses in exploring new markets and refining their financial strategies, the company noted. AstroPay CEO Marc Sacal said: 'Latin America welcomes millions of visitors every year – tourists, remote workers, and digital nomads – all of whom need an intuitive, digital-first way to pay like locals. At the same time, the region's online workforce is expanding rapidly, with more people earning income from abroad than ever before. 'Traditional banking systems weren't built for this reality. Our multicurrency wallet bridges this gap, giving users a fast, low-cost way to receive and spend money across borders – without the usual friction.' In January, AstroPay secured a Payment Institution (PI) licence from the Central Bank of Brazil to extend its financial services to Brazilian users and businesses. Set up in 2009, the UK-based company offers cross border payment solutions and multicurrency wallets etc. "AstroPay expands multicurrency wallet to Latin American countries " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
30-01-2025
- Business
- Yahoo
AstroPay Continues Global Expansion With Payment Institution License for Multicurrency Wallet in Brazil
SíO PAULO, January 30, 2025--(BUSINESS WIRE)--AstroPay, a global leader in digital financial solutions, is redefining financial connectivity in Brazil with its strategic expansion and acquiring a coveted Payment Institution (PI) license issued by the Central Bank of Brazil. This license is from the Central Bank of Brazil, underscoring AstroPay's commitment to delivering secure, compliant, and user-friendly cross-border payment solutions. AstroPay is poised to bring faster, simpler, and more innovative financial services for Brazil's local and international users and businesses, solidifying AstroPay's position as the go-to platform for seamless, secure cross-border financial management. AstroPay's "Pix for Foreigners" allows international visitors to make instant payments in Brazilian reais, giving small businesses—from beach vendors to market stalls—a frictionless way to transact without the excessive fees associated with credit cards. In addition, AstroPay's global card also allows users to manage their money securely across borders, access highly competitive exchange rates, and spend freely without unnecessary complexity. The company's streamlined approach to cross-border payments delivers substantial savings for users. For example, AstroPay's competitive fees enable travelers spending USD 2,000 on a trip to Brazil to save up to BRL 1,000 compared to conventional credit cards, with conversion rates as low as 1.5% and an IOF (financial transaction tax) of just 0.38%. Marc Sacal, CEO of AstroPay, commented, "This expansion marks a pivotal milestone for AstroPay as we align our services with Brazil's regulatory framework and deliver compliant, secure, and innovative financial solutions. By working closely with local and international regulators, we aim to empower individuals and businesses globally to take control of their finances. This isn't just about payments—it's about building a foundation of trust and efficiency to create meaningful opportunities for users in Brazil and beyond." AstroPay has also strengthened its local presence by expanding its team in Brazil and tailoring its services to meet the unique needs of Brazilians and the growing community of expats who are choosing Brazil as a destination. With this expansion, AstroPay reaffirms its mission to provide individuals and businesses with financial freedom, enabling everyone to spend, save, and send money without limits. This expansion underscores AstroPay's commitment to revolutionizing the way people and businesses interact with money in today's interconnected world. Whether you're a business tapping into Brazil's vibrant economy or a user navigating multiple currencies, AstroPay is bridging the gap with speed, security, and reliability. For more information about AstroPay's solutions in Brazil and beyond, visit About AstroPay AstroPay is a global financial technology company revolutionizing how people manage their money in a borderless economy. Established in 2009, AstroPay empowers users with seamless, secure, and innovative payment solutions designed to transcend geographical and financial boundaries. Our mission is to unlock financial freedom by enabling individuals and businesses to save, send, and spend money without restrictions. AstroPay combines cutting-edge technology with a commitment to security and compliance, delivering a user-centric experience that simplifies global financial transactions. Whether you're shopping internationally, receiving payments as a global freelancer, or expanding your business into new markets, AstroPay provides the tools you need to thrive in today's interconnected world. At AstroPay, we are not just shaping the future of finance; we are making financial freedom a reality for everyone. View source version on Contacts Media Contact: Camille StephensCMAND for AstroPaymedia@ Sign in to access your portfolio
