The Central Bank of Brazil will work to reduce lending spreads with a view to lower interest rates overall, the Reuters news agency reports.

The report quoted bank president Ilan Goldfajn, who told a conference on Tuesday that sustainability was key. “Our objective is to have credit growing along with the rest of the economy, in a sustainable way over time,” he said.

Brazil has one of the highest interest rates among the biggest economies and suffers from periods of hyperinflation. Consumer prices rose by about 6.3 percent last year after an increase of about 10.7 percent in 2015.

The bank was developing regulatory changes to improve credit guarantees, he said.