The results of recent stress tests carried out by Brazil’s Central Bank on small and medium-sized enterprises were “not very good”, Central Bank president Roberto Campos Neto said, adding that some sectors will need support.
Brazilian agribusiness exports in the first quarter of 2020 totalled $21.4 billion and were virtually stable compared with the same period last year, CNA said. China was the main destination for Brazil’s agricultural commodities exports like soy, beef and chicken, with shipments to the Asian country totalling $7.2 billion in the period.
Treasury Secretary Mansueto Almeida said that the Brazilian public sector is on track to record a primary deficit of up to R$ 500 billion ($ 100 billion) this year because of the impact of the Covid-19 crisis.
S&P Global Ratings predicts that Brazil’s Gross Domestic Product (GDP) should contract by 0.7% in 2020, with a downside risk, due to the economic impacts of the new coronavirus pandemic. “Brazil’s economic growth in 2020 will be seriously affected by the impact of covid-19 locally and globally,” says the risk rating agency in a note.
The Ibovespa closed higher on Monday (6) following the performance of the United States stock exchanges. The Ibovespa recorded gains of 6.52%, at 74,072 points, with a financial volume of R$ 21.6 billion ($4.2 billion) after rising more than 8% before the news of the minister’s resignation.
Financial institutions will be able to take out loans with the Central Bank. The estimate is for the release of R$650 (US$125) 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.
The dollar closed higher for the sixth consecutive day on Friday (3), hitting the seventh consecutive week of gains amid widespread caution after coronavirus cases in the world exceeded 1 million, with data on employment in the United States highlighting the economic impact of the pandemic.
Financial institutions will be able to take out loans with the Central Bank. The estimate is for the release of R$650 billion ($125 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.
Xdex — a Brazilian Bitcoin exchange service has shut down its operations claiming tough regulatory measures in the country. The crypto exchange becomes the latest in Brazil to shutter as platforms continue to be crushed under the growing cost of compliance and lack of support from commercial banks.
Brazilian President Jair Bolsonaro on Wednesday announced new steps to address the economic impact of the coronavirus pandemic in a telephonic conversation with his US counterpart Donald Trump. Bolsonaro said, “I spoke with Donald Trump and exchanged information about a problem that is global,” while promising an additional 110 billion reais ($22 billion) in spending to “preserve jobs” and aid states and municipalities, according to the media report.