Average spread of nonearmarked new non-revolving credit operations -...

Concept: Difference (spread) between average interest rate on new nonearmarked credit operations in the refeerence period in the National Financial System and corresponding average cost of funds. Excludes operations with regulated rates, operations with funds from the National Bank for Economic and Social Development (BNDES) or any operations with government funds or funds with mandatory destination. Source: Central Bank of Brazil � Statistics Department