Brazil raises BNDES lending rate for second straight time
BRASILIA, March 26 (Reuters) - Brazil's highest economic body on Thursday raised for the second consecutive time the interest rate at which state development bank BNDES pegs its loans, further reducing subsidies that have eroded the country's finances in recent years.
The country's national monetary council, which is made up of the finance and planning ministers and central bank chief, raised the so-called TJLP rate by another 50 basis points to 6 percent for the second quarter of 2015.
Before its hike in December, the government of President Dilma Rousseff had kept the TJLP rate unchanged for nearly two years to pump more cheap credit into Brazil's stagnant economy. (Reporting by Alonso Soto; Editing by Richard Chang)
© Thomson Reuters 2017 All rights reserved.