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situation report

Aug 23, 2013 | 12:26 GMT

1 min read

Brazil: Central Bank Launches Currency Intervention Program

Brazil's central bank Aug. 23 launched a currency intervention program that will run through the remainder of the year in an effort to strengthen the real, Estadao reported. The program allows for $500 million worth of currency swaps every Monday through Thursday, and on Fridays the central bank will auction off $1 billion worth of dollar loans. The government hopes to prevent companies and individuals from feeling pressured to access foreign currency markets at the same time, weakening the real.

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