## Brazil: Financial System Stability Assessment

_IMF Staff Country Reports, July 23, 2026_

## Source details

**Canonical URL:** [Brazil: Financial System Stability Assessment](https://www.imf.org/en/publications/cr/issues/2026/07/22/brazil-financial-system-stability-assessment-577958)

## Other formats

- [Markdown version](/en/publications/cr/issues/2026/07/22/brazil-financial-system-stability-assessment-577958/index.md)
- [Structured JSON version](/en/publications/cr/issues/2026/07/22/brazil-financial-system-stability-assessment-577958/index.json)
- [Bundle manifest](/en/publications/cr/issues/2026/07/22/brazil-financial-system-stability-assessment-577958/bundle-manifest.json)

## Bibliographic details
- Published: July 23, 2026
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798229053907.002

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### Overview
- The Brazilian financial system has undergone significant change since the 2018 FSAP.
- The system remains bank-dominated, with two of the six largest banks state-owned.
- Technology-driven change has brought new digital entrants and stronger competition in banking services.
- Financial markets have grown significantly, with strong growth in corporate bond markets and derivatives.
- A nascent but fast-growing structured credit market has emerged alongside intensifying retail trading.
- Payment services have been revolutionized by the Pix system.
- Crypto market activity is growing.
- Household and corporate indebtedness have increased despite elevated borrowing costs.

### Financial system structure and participants
- Bank-dominated system.
- Two of the six largest banks are state-owned.
- New digital entrants increasing competition in banking services.

### Financial markets and infrastructure
- Strong growth in corporate bond markets.
- Strong growth in derivatives markets.
- Nascent but fast-growing structured credit market.
- Intensifying retail trading activity.
- Pix system has revolutionized payment services.
- Growing crypto market activity.

### Risks and vulnerabilities
- Increased household indebtedness.
- Increased corporate indebtedness.
- Elevated borrowing costs coexist with rising indebtedness.

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## Content in this bundle

- **Brazil: Financial System Stability Assessment; IMF Country Report No. 26/192; March 31, 2026**
  - [Brazil: Financial System Stability Assessment; IMF Country Report No. 26/192; March 31, 2026 (Markdown version)](/-/media/files/publications/cr/2026/english/1braea2026002.pdf.md){rel="alternate" type="text/markdown"}
  - [Brazil: Financial System Stability Assessment; IMF Country Report No. 26/192; March 31, 2026 (PDF)](/-/media/files/publications/cr/2026/english/1braea2026002.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2026/07/22/brazil-financial-system-stability-assessment-577958_