IMF praises Brazil's Pix system as US tariffs target it

The International Monetary Fund (IMF) praised Brazil’s Pix instant‑payment platform as a key driver of financial inclusion, competition and digital transformation in the country’s banking sector. In its Financial System Stability Assessment, the IMF highlighted Pix’s role in reducing credit costs and expanding digital banking, but warned that the Central Bank of Brazil needs greater financial and budgetary autonomy, enhanced supervisory resources, and clearer separation of operational and oversight functions to manage cyber‑risk and fraud.

Earlier, former U.S. President Donald Trump imposed a 25 % tariff on a range of Brazilian imports and singled out Pix as an allegedly protectionist tool that harms U.S. payment firms such as Visa and Mastercard. The criticism was rejected by Brazilian officials, noting that Pix is open to all licensed institutions and that the tariff decision was unrelated to the payment system’s design. Launched in 2020, Pix is used by about 170 million people, handling more than half of Brazil’s payment transactions.