The Financial Espresso "FGTS & Desenrola; Remessa Conforme; Porto Serviço;..."

Research evidence excerpt

The Financial Espresso "FGTS & Desenrola; Remessa Conforme; Porto Serviço;..."

Global Research

20 July 2026ab

The Financial Espresso Equities

Latin AmericaFGTS & Desenrola; Remessa Conforme; Porto

Serviço; Inter on cross-border platform; Financial

Agricultural credit line; BB financing proposals KaioAnalystPrato

kaio.prato@ubs.com

+55-11-3513 6573

Use of FGTS to pay debts reaches only 0.4% of the limit available in the New Thiago Batista, CFA

AnalystDesenrola

thiago.batista@ubs.com

According to Estadão, the participation in the New Desenrola program's FGTS debt +55-11-3513 6518

repayment option has been far lower than expected. Although the government

Camila Azevedo

made approximately R$ 8.2 billion available for this initiative, only 0.4% of that

Associate Analyst

amount has actually been used so far. According to Caixa Econômica Federal, just camila.azevedo@ubs.com

over 51,000 transactions have been completed. Brazil's MoF acknowledges the low +55-11-2767 6881

uptake but argues that many consumers are already renegotiating their debts with

Bruno Kenji

significant discounts, reducing the need to use FGTS funds. Our take: Despite a low

utilization level, according to an article published by Valor last week, the levels of bruno.kenji@ubs.com

indebtedness and delinquency among Brazilian households stabilized in June, +55-11-2767 6056

possibly explained by the Desenrola 2.0. In May, the 90-day NPL ratio hiked 20bps

Beatriz Shinye

QTD to 4.7%, reaching the all-time high since 2011. The increase was driven by the

household and corporate segments - see Asset quality remains a point of concern. beatriz.shinye@ubs.com

+55-11-2767 6569

Country hits record for low-value imports after tax exemption, industry

criticizes government