Central Bank Announces $130 bn into Brazil’s Economy

Financial institutions will be able to take out loans with the Central Bank. The estimate is for the release of R$650 (US$130) billion into the economy. In an extraordinary meeting, the National Monetary Council (CMN) authorized the Central Bank (BC) to grant loans to banks taking as collateral the credit portfolios of these institutions. The operations will have a minimum of 30 days and a maximum of 359 calendar days maturity.

Source: The Rio Times

Federal MP allocates $ 6.8 bn to finance company salaries

The federal government created an emergency credit line of R$ 34 billion ($ 6.8 billion) to finance the payment of salaries for small and medium-sized companies for two months. In return, employees cannot be dismissed in the period. The program was signed by President Jair Bolsonaro by provisional measure published on Friday, 3, and republished on Saturday, 4, with a correction in the text.

Source: Correio Braziliense

Braskem record loss of $ 584 million

Braskem recorded a net loss attributable to shareholders of R$ 2.922 billion ($ 584 million) in the fourth quarter of 2019 against losses of R$ 78 million ($15.6 million) in the same period of 2018. In the consolidated for 2019, the loss was R$ 2.798 billion ($ 559 million), against a profit of R$ 2.867 billion ($573 million) in the previous year.

Source: Agencia Estado

Brazilian retail falls 22.4% since the coronavirus outbreak began

The Brazilian retail sector suffered a negative impact of 22.4% with the coronavirus outbreak in the country, according to a survey carried out by Cielo. Between March 1 and April 2, total nominal revenue fell in all weeks, with a greater worsening at the end of the third month, -52.3%. Analysing by sectors, Services – which comprises Tourism and Transport and Bars and Restaurants – was the one that presented the most fall, of 47.8%.

Source: Money Times