Taxa juro de mercado: qual é a prime rate?

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O Banco de Moçambique, a 17 de Maio de 2017 acordou com os bancos comerciais domésticos e todas as instituições de crédito a introdução do Indexante Único e que passou a vigorar, imediatamente. Quando esta medida foi anunciada, a Prime Rate[1] do mercado estava ao nível dos 28,5% e, então, considerada muito alta. Seguidamente, o Banco de Moçambique a redução da taxa de referência do mercado o que levou a Prime Rate a iniciar um movimento de descida. Nesse caso, as empresas expectaram que essa redução fosse significar a redução do nível da taxa de juro do mercado, o que não veio a acontecer, de todo. Contudo, desde a altura que foi introduzida a Prime Rate única, esta reduziu dos 28,5% para 24,5% no mês de Abril, uma redução de 4 pontos percentuais. A taxa de juro activa, por sua vez, saiu de 34,51% para 33,75%, no mesmo período, portanto, uma redução de 0,76 pontos percentuais. Ou seja, enquanto a Prime Rate reduziu 4 pontos percentuais, a taxa de juro de empréstimo reduziu menos que 1 ponto percentual. A questão que se coloca: qual pode ser o motivo desse movimento dissonante e que resulta na manutenção da taxa de juro alta?

Figura 1: Evolução da Prime Rate e as taxas de juro de mercado.

Fonte: Dados do Banco de Moçambique

Analisando os dados e tendo sido consultados os actores do sistema bancário nacional, nota-se que, afinal de contas o que aconteceu relativamente a Prime Rate foi a descontinuidade da antiga, denominada PLR MZN para efeitos de empréstimos novos e introdução da PLR SF. Assim, os empréstimos antigos elas continuam a pagar a PLR MZN que foi descontinuada quando estava 28,5%. Esses empréstimos antigos, portanto, antes da introdução da PLR SF, não estão a beneficiar-se dos efeitos da política monetária que tem vindo a reduzir a taxa de juro de referência e, também, reduzindo a PLR SF.

Figura 2: Evolução da Prime Rate no mercado.

Fonte: Dados do Banco de Moçambique

Na verdade, o que aconteceu a partir de maio de 2017, resultante do acordo entre o Banco de Moçambique e os bancos comerciais domésticos foi uma harmonização do indexante, portanto, prime rate, e não a introdução de indexante única, efectivamente. Isso, ocorrerá na altura que todos os empréstimos do mercado, antigos ou novos, passarem a beneficiarem da mesma prime rate, diferenciando-se, apenas no spread da taxa de juro de empréstimo. Esta efectivação seria importante, tanto para a política monetária, bem como para os tomadores de crédito como empresas ou famílias.

Para a política monetária, aumentaria a sua eficácia porque, a partir daí, ela seria capaz de afectar todos os empréstimos do mercado, dado que a prime rate única varia em sua função. Actualmente, este efeito é parcial porque a PLR MZN, já descontinuada para novos empréstimos, continuar a vigorar para os empréstimos contraídos até Maio de 2017, o que penaliza os respectivos tomadores. Para estes, e tendo em conta a actual tendência da política monetária que é de redução da taxa de referência do mercado, seria importante porque passariam beneficiarem dessa tendência.

Por enquanto, seria importante o Banco de Moçambique e os bancos comerciais entenderem-se como aplicar a PLR SF para todos os empréstimos concedidos e que, futuramente, serão concedidos. Do lado dos clientes, empresas ou famílias, é importante aproximarem-se ao seu banco para perceber melhor esta questão e, quiçá, encontrar formas de aliviar o custo do seu empréstimo, dada a tendência da política monetária e taxas de juro de referência do mercado.

[1] A Prime Rate do Sistema é a taxa de referência do Sistema Financeiro Moçambicano para as operações de Crédito em Meticais de taxa de juros variável. Esta taxa deve ser usada por todas as Instituições de Crédito e Sociedades Financeiras do país na contratação de Crédito com os seus Clientes. Esta taxa é divulgada pelo Banco de Moçambique, através dos seus canais, até ao dia 21 de cada mês, e vigorará a partir do dia 1 do mês seguinte. Fonte https://www.bci.co.mz/precario/Perguntas%20Frequentes%20-%20Prime%20Rate%20do%20Sistema%20Financeiro.pdf

Por Eduardo Sengo

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