August 23, 2017 / 4:22 PM / a year ago

Brazil congressional committee approves new BNDES lending benchmark

BRASILIA, Aug 23 (Reuters) - A Brazilian congressional committee on Wednesday approved the creation of a market-based benchmark for state lender BNDES, readying the proposal for a final vote by next week in a major victory for President Michel Temer.

The committee voted 17-6 to approve the measure altering the BNDES benchmark for interest rates after weeks of obstruction attempts by the opposition. The proposal is headed to a lower house floor vote later on Wednesday and a possible Senate vote by next week. The measure requires legislative approval or it will it expire on Sept. 7. (Reporting by Silvio Cascione)

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