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A Taxa Básica Financeira (TBF) is a reference rate in Brazil used for several purposes, primarily related to financial transactions and investments. Translated to “Basic Financial Rate,” it’s important to understand its role in the Brazilian economic context, particularly its connection to other rates and its influence on credit operations.
Calculation and Components: The TBF is calculated daily by the Central Bank of Brazil (Banco Central do Brasil). The formula involves a combination of the average interest rate on Certificates of Deposit (CDBs), financial bills, and debentures traded in the financial market. A specific reduction factor is applied to this weighted average, meaning the TBF is always lower than the average cost of funds effectively paid in the interbank market. This reduction factor is what differentiates TBF from other rates reflecting interbank operations.
Purpose and Applications: Historically, the TBF was a primary indexer for savings accounts (poupança) in Brazil. Before the introduction of new rules for savings accounts in 2012, savings accounts earned a fixed interest rate of 0.5% per month plus the TBF variation. This meant that the TBF played a direct role in determining the returns on a very popular investment vehicle for Brazilians. However, with the changes implemented in 2012, new savings accounts receive a different return calculation when the Selic rate (Brazil’s benchmark interest rate) is below a certain threshold.
Even with the changes to savings account remuneration, the TBF remains relevant. It’s still used as a reference rate in some types of financial transactions, particularly in older contracts or certain specific credit lines. It also serves as a benchmark for evaluating the performance of various financial assets and as a component in the calculation of other rates. The TBF can be found referencing inflation-linked securities issued by banks, and some private lenders may use it to index personal loans. The transparency in the index offers a degree of confidence when used in lending or savings scenarios.
Relationship with Other Interest Rates: The TBF is closely related to, but distinct from, other key interest rates in Brazil. The Selic rate, as mentioned, is the benchmark interest rate set by the Monetary Policy Committee (COPOM) of the Central Bank and serves as the primary tool for controlling inflation. The CDI (Certificado de Depósito Interbancário) rate represents the average interest rate on interbank deposits and is a key indicator of liquidity and activity in the financial market. While the Selic rate directly influences the entire interest rate structure, the TBF reflects the actual cost of funds raised by financial institutions and provides a different perspective on market dynamics.
Limitations and Considerations: The TBF is not as widely used as the Selic or CDI rates. The introduction of new rules for savings accounts and the rise of other indexers (like the IPCA inflation index) have reduced its prominence. However, understanding the TBF is still essential for anyone analyzing the Brazilian financial market, particularly when dealing with older contracts or specific financial instruments indexed to it. Its calculation method and its relationship to other key rates provide valuable insights into the cost of funds and the dynamics of the Brazilian financial system.
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932×550 tbf stock fund price chart amextbf tradingview from www.tradingview.com 
500×500 tbf stats lastfm from www.last.fm 
1200×630 taxa tr entenda como funciona taxa referencial from fiis.com.br