BNDES to provide US$4.28bn in loans for sectors hurt by strong real

Wednesday, August 3, 2011

Brazilian national development bank BNDES will provide loans worth 6.7bn reais (US$4.28bn) to business sectors affected by the local currency's appreciation, news agency Agência Estado reported.

Brazil's real reached a 12-year high of 1.54 reais to the US dollar on July 25, its strongest level since the country abandoned the peg to the dollar in 1999.

The new loan program will be in place until the end of 2012. BNDES will charge a fixed interest rate of 9% on these loans.

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