September 5, 2017 / 10:19 PM / 10 months ago

Brazil's Senate approves market-based BNDES benchmark rate

BRASILIA, Sept 5 (Reuters) - Brazil’s Senate approved a bill that creates a market-based benchmark lending rate for state lender BNDES, bolstering President Michel Temer’s efforts to cut subsidized credit to large companies that has helped widen a record budget gap.

BNDES, Brazil’s biggest source of long-term corporate loans, has offered cheap loans for decades to boost economic growth and create jobs. However, rising public debt and increased scrutiny of the bank’s lending policies after corruption scandals have led policymakers to propose changes. (Reporting by Maria Carolina Marcello; Editing by Jonathan Oatis)

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