Brazil eases rules to boost housing, auto loans

BRASILIA Wed Aug 20, 2014 2:10pm EDT

BRASILIA Aug 20 (Reuters) - Brazil's government will create a new covered bond to raise funding for real estate loans and ease rules to boost mortgage and auto loans, Finance Minister Guido Mantega said on Wednesday in yet another effort to boost a stagnant economy.

"Credit retreated too sharply but it will improve, though at a gradual pace," Mantega told journalists at a briefing.

Earlier on Wednesday, Brazil's central bank moved to increase the amount of capital available for commercial loans by at least 25 billion reais ($11.1 billion). (Reporting by Luciana Otoni; Writing by Silvio Cascione; Editing by Diane Craft)

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