March 11, 2020 / 4:16 PM / a month ago

Brazil's BNDES to interrupt stake sales amid market instability, urges caution - CEO

RIO DE JANEIRO, March 11 (Reuters) - Brazil’s development bank BNDES will stop selling stocks from its portfolio due to market instability triggered by the coronavirus outbreak and a slump in oil prices, its chief executive said on Wednesday.

CEO Gustavo Montezano said the value of BNDES’ stock portfolio fell 12 billion reais ($2.56 billion) last Monday, when Brazilian stocks plunged more than 12%, their biggest fall since 1998. He added the bank also rules out launching a credit line to help companies deal with crisis.

$1 = 4.6796 reais Reporting by Rodrigo Viga Gaier Editing by Chizu Nomiyama

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