August 24, 2017 / 4:28 PM / a year ago

Brazil lower house approves main text of new BNDES benchmark rate

BRASILIA, Aug 24 (Reuters) - Brazil’s lower house of Congress on Thursday approved the main text of a bill creating a market-based benchmark rate for state lender BNDES, in a major victory for President Michel Temer.

The proposal is one of Temer’s top priorities to fix the country’s long-term public finances and pave the way for lower interest rates as it reduces the scope for discretionary subsidies through BNDES lending. (Reporting by Silvio Cascione)

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