13 de noviembre de 2015 / 10:40 / en 2 años

CORRECTED-Brazil cut limits on BNDES development bank lending program

(Corrects amount of reduction to Inovação program and increase in another credit line in paragraph 2)

SAO PAULO, Nov 13 (Reuters) - Brazil’s national monetary council cut the limits to a subsidized lending program administered by state-run development bank BNDES, according to a statement released on Friday.

The country’s main economic policymaking body said it set the limit to a program known as Inovação-Grandes Empresas to 445 million reais ($118 million), down from 452 million reais. It slightly raised the limit to a capital goods purchase program for small companies.

The council in October more than halved funds earmarked for a capital spending program known as PSI as part of the government efforts to roll back costly public subsidies.

$1 = 3.7709 Brazilian reais Reporting by Alonso Soto; Editing by John Stonestreet

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