Rubens Menin warns that high interest rates will stifle the economy in the coming years.

247 - Businessman Rubens Menin, owner of MRV, Banco Inter, and CNN Brasil, has once again drawn attention to the risks of Brazilian monetary policy. interview to State St. PaulHe stated that the effects of the high Selic rate have not yet been fully felt, but are expected to intensify in the coming years.

"The serious consequences are already in the works and will become more apparent in the next two to three years.“He said. For Menin, real interest rates close to 10% per year are “very harmful” and compromise investments, reduce competitiveness, and hinder economic growth.

The impact of interest rates on business.

According to Menin, companies that structured their business plans around 2% interest rates are now facing serious difficulties in meeting their obligations. Others, given the current scenario, have simply postponed expansion projects.

"There are companies that took out cheap loans and are now struggling to meet their obligations, and others that have simply given up on investing."He stated. The businessman argues that Brazilian society should debate the issue with the same intensity with which it debated inflation in the past."

Fiscal challenges and social programs

Menin also stressed the need for adjustments to public accounts. According to him, the fiscal framework will only gain credibility if there are spending cuts.If the framework doesn't prove its worth, it will be very bad, with inflation, interest rates with no room to fall, and the exchange rate rising.”, he warned.

The businessman also advocated for a review of social programs such as Bolsa Família and the Continuous Benefit Payment (BPC). While he considers both necessary, he said they need to be rethought to avoid distortions in the labor market and inflationary risks.

Donald Trump's tariff hikes and international relations

Another point of concern for Menin is the United States' trade policy under President Donald Trump. He believes Brazil is lagging behind in seeking a negotiating table to avoid more severe impacts.

"If this takes too long, I'm somewhat afraid it could be very bad for us.“He stated. He recalled that the US remains the largest investor in Brazil and argued that the country should also strengthen its trade ties with China, Russia, Europe, Africa, and Oceania.

Real estate market at risk

Menin also highlighted that the real estate sector is directly affected by rising interest rates. He cited that traditional financing has become more expensive and scarce, while the capital market has lost dynamism with the high Selic rate.

"With real interest rates at 10%, it's something you'd see in a country at war."He stated, explaining that long-term payments can double, making homeownership unaffordable for the middle class."

Business and football

The businessman also commented on João Camargo's departure from the presidency of CNN Brasil, explaining that the decision was made in a civilized manner and without friction. Regarding football, as the largest shareholder of Atlético Mineiro's SAF (Sociedade Anônima Desportiva), Menin advocated for the creation of a national league.

"Investment and budgets are growing. The sooner the league happens, the better for us.", said.

Rubens Menin's interview exposes the main challenges facing the Brazilian economy: high interest rates, fiscal imbalance, and delays in international trade negotiations. According to the businessman, without structural reforms and a more prominent role in trade relations, Brazil risks losing competitiveness and growth in the coming years.