Credit demand from Brazil's corporate sector increased year-on-year and month-on-month in February thanks to the positive impact of the carnival holiday, credit information firm Serasa Experian said in a report.
Overall, the number of companies requesting credit in February was up 10.2% from the same month last year, with small firms showing an 11% increase, medium-sized companies a drop of 1.4%, and large corporations a 1.2% decrease. When compared with January, corporate credit demand was up 5.3%.
Serasa said the fact that carnival took place in March gave February an increase in the number of working days. However, the reverse effect should be seen in the coming figures for this month, with a lower number of working days as well as the restrictive effects of the hike in interest rates cycle that the Brazilian economy is experiencing.