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Sovereign Wealth Funds Briefing - Categorized | Compliance/Regulation/Legal, Market, Reserve Currencies

Brazil allows use of sovereign fund to buy dollars

Posted on 23 September 2010

From Brecorder.com: Brazil’s government authorised on Monday the use of its sovereign wealth fund to buy US dollars in the foreign exchange market, as part of an effort aimed at stemming a recent rally in the local currency. The government set no limit on the amount of dollars that can be purchased by the $10.4 billion fund to curb a more than 4 percent rally in Brazil’s real since late June, the finance ministry said in a statement.
The fund was created last year to help finance overseas expansion by Brazilian companies, and its use in the currency markets has been considered for months. The move gives the government another tool in its fight against the appreciation of the local currency that threatens to hamper exports and slow economic growth……………………………………….Full Article: Source

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