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Brazil announces new measures to expand credit to micro-sized firms

BRASILIA, Sept 24 (Reuters) - Brazil’s National Monetary Council (CMN) on Thursday announced new measures to expand and speed up the flow of credit to micro-sized businesses, many of whom have been hardest hit by the economic shock from the COVID-19 pandemic.

The CMN, Brazil’s highest economic policy body including the economy minister and central bank president, expanded the micro-credit program to firms with annual gross revenue up to 360,000 reais ($65,000) from 200,000, and will now allow credit to be obtained 100% online.

$1 = 5.50 reais Reporting by Anthony Boadle and Jamie McGeever Editing by Chris Reese

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