Brazil: Yunus rejects the banks

Brazilian banks lack the right formula to spread and offer microcredit in their country. At least, this is the conclusion reported by the leading expert in the field, Muhammad Yunus, Nobel Peace Prize winner in 2006.
Microcredit, i.e. the financing of small sums to people in difficult conditions and with few guarantees, was regulated in 2003, under the government of Inàcio Lula da Silva, but until today it has seen an ephemeral development. Yunus, who arrived in Brazil yesterday to participate in the Communication and Sustainability Forum in Belo Horizonte, said that “microcredit can be a determining factor in Brazil's economy.” He also added that if he were to find a reliable partner he would be willing to collaborate to develop this type of credit in the country.
In Brazil, each bank can allocate 2% of the required reserves to microcredit, but, since most of them do not know how to exploit this type of financing, they prefer to leave it to the central bank. Since one of the objectives of Dilma Rousself's government is precisely to defeat poverty, microcredit could now prove to be more fundamental than ever for the country.
Finally, the economist reiterated that the choice to leave the command of Grameen Bank, the microcredit bank he founded, was "a unilateral decision by the Bangladesh government"