March 13, 2020 / 2:19 PM / 24 days ago

Brazil's public banks praise lower compulsory requirements, plan boost in lending

BRASILIA, March 13 (Reuters) - Brazilian state-controlled lenders Caixa Economica Federal and Banco do Brasil on Friday welcomed a reduction in banks’ reserve requirements by the central bank, which they say will help ease current strains in the economy.

Caixa said three credit lines totaling 75 billion reais ($16 billion) will be made available, out of which 40 billion reais are allocated to working capital, mortgages and small and mid-sized companies, while Banco do Brasil said the current crisis is serious but temporary.

$1 = 4.71 reais Reporting by Marcela Ayres; Writing by Gabriela Mello Editing by Chizu Nomiyama

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