The Central Bank of Brazil is introducing a program to connect the R$8 ($1.5 billion) sitting idle in financial institutions to the Brazilians who are entitled to the funds, the Rio Times reported.
Previously there wasn’t an easy way to access these resources until the central bank intervened with a specific program. The first stage will entail consultation and redemption of R$3.9 billion.
The idle funds totaling R$3.9 billion are due to accounts closed with balances, the sharing of credit union net surpluses, closed consortium groups and charges related to credit operations.
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An additional R$4.1 billion is expected to be made available throughout 2022 due to fees and installments or obligations related to credit operations, pre- and post-paid payment accounts closed with an available balance, registration accounts held by brokers that were closed with balances, and other scenarios that are recognized by institutions.
The Central Bank of Brazil’s official website went offline after the new program was released to the public on Monday (Jan. 24) and users flooded the site to access the information. The English version of the central bank’s website was still down on Tuesday morning (Jan. 25).
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In other news about Brazil, the government amended the immigration law to attract digital nomads to the country, ZDNet reported. The change offers foreigners a renewable one-year visa with the hope that high-paid individuals will come to the country and contribute to the economy. Justice secretary and head of the National Immigration Council, José Vicente Santini said that the new regulations are also anticipated to increase tourism.
“Digital nomads’ salaries come from external sources, and the resources these immigrants bring can boost the national economy. This is an important step for Brazil to promote one of the world’s most modern working models,” Santini said, per ZDNet.
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