March 23, 2020 / 12:25 PM / 14 days ago

Brazil's central bank to extend loans to banks

BRASILIA, March 23 (Reuters) - Brazil’s central bank on Monday said it will extend loans backed by corporate bonds to banks between March 23 and April 30, in a move to add liquidity to the financial system.

It also cut long-term reserve requirements to 17% from 25% and allowed banks to issue special long-term deposits with up to 2 million reais ($397,922.84) guarantee by the privately held deposit guarantee fund FGC.

$1 = 5.0261 reais Reporting by Marcela Ayres, writing by Carolina Mandl; Editing by Toby Chopra

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