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Brazil registers fewer returned checks thanks to improved credits, more jobs

(Xinhua)
Updated: 2009-11-19 11:47

RIO DE JANEIRO: Due to lowered interest rates and more formal jobs, Brazil has seen the rate of returned checks drop to a 13-month low in October, the country's private financial data analysis firm said Wednesday.

Serasa said in its report that 1.92 percent of the checks were returned by banks in October for a one-percentage point drop as against September.

The data analysis firm attributed the drop to lower interest rates and the creation of over 1 million formal jobs in the first 10 months of the year.

It predicted further drops in November and December in returned checks as the country is to celebrate the Christmas holidays with bonuses to be offered to workers.

Checks are returned by banks for lack of sufficient funds in the accounts on which the checks were written.