July 12, 2017 / 3:56 PM / a year ago

Brazil's BNDES president endorses new benchmark rate

BRASILIA, July 12 (Reuters) - Brazil’s state development bank BNDES is fully committed with a government plan to update the bank’s benchmark rate, BNDES president Paulo Rabello de Castro told journalists on Wednesday, after having publicly criticized the idea.

“I am totally committed to this measure,” Rabello said after an event at the presidential palace, adding that he will not put forward changes to the government proposal. “The only one who should have a proposal is President Michel Temer and his team.” (Reporting by Silvio Cascione and Marcela Ayres)

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