August 14, 2019 / 9:52 PM / 2 months ago

Brazil's central bank announces new forex auction measures

SAO PAULO/BRASILIA, Aug 14 (Reuters) - Brazil’s central bank on Wednesday said it will sell dollars in the spot market later this month along with reverse currency swaps, changing its regular currency market operations in response to rising demand for liquidity.

In a statement, the monetary authority said it will sell up to $550 million daily in the spot market along with reverse swaps of the same value from Aug. 21-29. This reflects “economic circumstances,” the central bank said, but does not signal a change to its policy based on floating exchange rates and action aimed at regular market functioning. (Reporting by Jose de Castro and Jamie McGeever; Editing by Richard Chang)

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