Central Bank to link $1.5B to Brazilians

According to the Rio Times, the Central Bank of Brazil is launching a scheme to connect the R$8 ($1.5 billion) sitting dormant in banking institutions with the Brazilians who are entitled to the monies.

Until the central bank intervened with a specialized program, there was no convenient method to access these resources. The consultation and redemption of R$3.9 billion will be the first stage.

Accounts closed with balances, the sharing of credit union net surpluses, closed consortium groups, and costs connected to credit operations account for R$3.9 billion in idle funds.

Fees and instalments 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 recognized by institutions are expected to make an additional R$4.1 billion available throughout 2022.