Brazil c.bank not targeting forex rate - Meirelles

SAO PAULO, Dec 5 (Reuters) - The purpose of the Brazilian central bank's intervention in the foreign exchange market is to provide liquidity at a time of market stress, not to influence the exchange rate, the bank's president said on Friday.

"The central bank does not have a target for the currency, nor does it defend spcific exchange rates," Henrique Meirelles said in a speech to business leaders in Sao Paulo.

"Our actions seek to correct price distortions caused by liquidity problems in the market."

Brazil's central bank has intervened repeatedly in the foreign exchange market in recent months, selling dollars, dollar repurchase agreements and foreign currency swaps.

Despite the interventions, Brazil's currency, the real (BRBY), has shed about 38 percent of its value since hitting a nine-year high in early August.

(Reporting by Vanessa Stelzer, Writing by Todd Benson, Editing by Chizu Nomiyama)