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Brazil central bank to sell up to $2 bln on Dec. 27
December 26, 2012 / 5:35 PM / 5 years ago

Brazil central bank to sell up to $2 bln on Dec. 27

SAO PAULO, Dec 26 (Reuters) - Brazil’s central bank said on Wednesday it will sell up to $2 billion on the spot market on Dec. 27 with a repurchase agreement, a strategy designed to provide liquidity to the foreign exchange market.

The bank said in a statement it will conduct one auction to sell U.S. dollars with a repurchase date set for Feb. 1, 2013 and a cutoff rate of 2.06831 reais.

Brazil’s currency, the real, strengthened 1.25 percent to 2.0525 per U.S. dollar on the spot market shortly after the announcement.

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