Brazil Auctions $500 mln in Dollar Repos
Published January 14th, 2009
Brazil’s central bank has sold $500 million in dollar repurchase agreements in an auction on Tuesday to add liquidity and reduce volatility in the foreign exchange market.
The bank sold the repos at an exchange rate of 2.32 Brazilian reais per U.S. dollar. It will buy the repos back on May 4. It also offered repos with buyback dates of March 2 and April 1 but failed to sell them.
