Brazil leaves BNDES lending rate unchanged
Brazil's national monetary council (CMN) decided to maintain the 7% annual interest rate on loans issued to companies by development bank BNDES.
The country's long-term interest rate, known as TJLP, is reviewed on a quarterly basis and the CMN decision was for loans that BNDES will issue in the fourth quarter of this year, the finance ministry said in a release.
The TJLP is below the current level of Brazil's key interest rate (8.25%) and also compares favorably to the interest rates that commercial banks charge for their loans.
Keeping the TJLP at a low level is part of the government's efforts to stimulate investment in order to support the ongoing economic recovery. After contracting 3.6% last year, Brazil's GDP is expected to expand 0.7% this year.
The CMN is the country's highest economic policymaking body and it includes the finance and planning ministers and the central bank head.
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