December 18, 2012 / 9:16 PM / 5 years ago

Brazil central bank to sell as much as $2 bln on Wednesday

RIO DE JANEIRO, Dec 18 (Reuters) - Brazil’s central bank said on Tuesday it will sell as much as $2 billion on the spot market with repurchase agreements, a strategy designed to provide liquidity to the foreign exchange market.

The bank said in a statement will conduct one auction on Wednesday to sell U.S. dollars with a repurchase date set for Feb. 1, 2013. Unlike previous auctions, the bank has already set a cutoff rate of 2.1105 reais per greenback when buying the dollars back.

The announcement came after Brazil’s currency market had closed. The real ended at 2.0881 per dollar, or 0.36 percent firmer on the day.

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