CORRECTED-Brazil cut limits on BNDES development bank lending program

viernes 13 de noviembre de 2015 07:15 GYT

(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)