UPDATE 1-Brazil's central bank says forex intervention has worked
BRASILIA, Sept 24 (Reuters) - Brazil's foreign exchange market intervention program has effectively reduced volatility for the Brazilian currency, central bank chief Alexandre Tombini said on Tuesday.
Tombini told lawmakers in a congressional hearing that the bank has no plans to reduce the scope of the $60 billion intervention program.
He reiterated that activity is picking up gradually and that some market players are overly pessimistic about Latin America's largest economy.
The U.S.-trained economist said he expects the country's current account deficit to fall closer to 3 percent of gross domestic product. The current account deficit currently stands at around 3.4 percent of GDP.
- White House reverses, says Obama met uncle and lived with him during law school
- With song and sadness, South Africans mourn Mandela |
- U.S. television, Twitter, alive with new version of 'Sound of Music'
- RPT-UPDATE 1-Ford leans on global Mustang to burnish overseas image
- Ford leans on global Mustang to burnish overseas image