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Brazil’s central bank postpones payments to banks due to workers’ strike According to Reuters



© Reuters. A view shows the Central Bank’s headquarters building in Brasilia, Brazil March 22, 2022. REUTERS / Adriano Machado

By Bernardo Caram

BRASILIA (Reuters) – Brazil’s central bank on Wednesday decided to defer payments to financial institutions for resources held in accounts from the Pix instant payment system, highlighting increased risks from striking workers, although the impact was relatively small for the banks.

The payment, which is to add interest at the bank’s standard Selic rate at the time the money is held, will be made for the first time on Friday.

According to central bank analysts association ANBCB, financial institutions will no longer receive around 2 million reais ($422,030) per day.

Monetary Policy Director Bruno Serra said: “Central bank workers are implementing a daily partial shutdown and will go on strike from April 1, which will affect the execution of processes. different”.

In order to maintain the security of the system and maintain essential operations prior to the strike, Serra said it was deemed appropriate to postpone the payments, adding that they would be proposed again.” when the problems are fixed”.

Brazil’s central bankers voted on Monday for an indefinite strike starting April 1 over unanswered demands for a pay rise. So far, the partial shutdown has affected the release of economic indicators and other data.

The central bank said the measure was aimed at maintaining the normal operation of IT systems considering the “potential risks” posed by the strike.

Financial industry group Febraban called the decision “cautious” and added that policymakers have avoided rolling out new features on more sensitive days.

($1 = 4,7302 reais)

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