New IMF research shows that the recent credit expansion in Brazil, amid a basic interest rate of 15%, was not a policy failure. Fintechs and rising incomes are reshaping access to finance. Meanwhile, monetary policy keeps doing its job. Read more in IMF Country Focus. https://www.imf.org/en/Blogs/Articles/2025/10/14/growth-of-nonbanks-is-revealing-new-financial-stability-risks(IMF)