Temer announces cut in credit card interest

During a breakfast with journalists at the Planalto presidential palace, President Michel Temer made three announcements: the revolving credit interest for credit cards will be cut in half, workers are now allowed to withdraw all of their Guarantee Fund for Length of Service (FGTS), and the government will enact a provisional decree to regularize properties in urban areas.

“The moment we're facing in the economy requires the adoption of measures that allow for a recovery in the income of workers, however partial,” the president justified.

According to Temer, workers are expected to use their FGTS to settle debts, which total $2.70 billion—0.5% of Brazil's GDP.

Next week, Temer said he intends to issue a provisional presidential decree to rule on urban land regularization. According to him, the matter is being settled by the Ministry of Cities and that of Planning. The goal is to provide proprietors with an address, "especially those who have small properties." The government should also give titles to land to squatters who do not have the right to the property yet.

The president also highlighted the government's good relationship with Congress. "This relationship between the Executive and Legislative branches is fundamental, one of the keys of our administration. The keyword is dialogue. When you restore dialogue with Congress and with society, things tend to flow very naturally."

Translated by Fabrício Ferreira / Amarílis Anchieta