1 MIN. DE LECTURA
SAO PAULO, Nov 19 (Reuters) - Loan disbursements at Brazil state development bank BNDES slumped 28 percent in the first ten months of this year, led by declining demand and tougher refinancing conditions among industrial and services borrowers.
Disbursements at the Rio de Janeiro-based BNDES, the largest source of long-term corporate credit in Brazil, totaled 105.536 billion reais ($28.1 billion) in the January-through-October period, according to a statement on Thursday. Approvals of and requests for BNDES loans, which are comprised mostly of loans made at below-market interest rates, plunged 46 percent, respectively, the statement added.
$1 = 3.8476 Brazilian reais Reporting by Guillermo Parra-Bernal