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/news/articles/2025/10/09/explaining-strong-credit-growth-in-brazil-despite-high-policy-rates(IMF)