March 31, 2017 / 11:52 AM / 6 months ago

Brazil says to launch new benchmark BNDES loan rate in 2018

BRASILIA, March 31 (Reuters) - Brazil’s government will overhaul in 2018 the benchmark interest rate that state development bank BNDES uses for long-term corporate loans, the Planning Ministry said in a statement on Friday, in a step to reduce costly subsidies.

The so-called TJLP lending rate, currently set on a quarterly basis by the National Monetary Council, will be replaced for a new rate based on yields paid by inflation-linked NTN-B bonds, the Planning Ministry said. (Reporting by Silvio Cascione; Editing by Chizu Nomiyama)

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