August 12, 2009 / 4:04 PM / 9 years ago

UPDATE 1-Brazil buys $779 mln forex, inflows surge

(Recasts, adds data on currency flows)

SAO PAULO, Aug 12 (Reuters) - Brazil’s central bank said on Wednesday it bought $779 million on the spot foreign exchange market this month to Aug. 7 as dollar inflows to the country surged because of growing demand for local stocks and bonds.

Total dollar purchases, which are used by the central bank to ease fluctuations in Brazil’s currency, the real BRBY, and remove excess foreign currency from the financial markets, totaled nearly $9 billion since early May.

Dollar inflows to the country totaled $2.26 billion this month to Aug. 7, compared with inflows of $1.27 billion in all of July, the bank said.

Net inflows from financial transactions totaled $2.7 billion this month to Aug. 7, compared with inflows of $4.1 billion last month. The country had $441 million in net outflows from trade transactions in the period, compared with $2.83 billion of outflows in all of July. (Reporting by Jenifer Correa; Writing by Elzio Barreto)

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