Brazil will extend its program of currency swaps sales and dollar loans into 2014, central bank President Alexandre Tombini said after the real closed yesterday at the lowest level in more than three months. The real strengthened.
Brazil’s economy shrank in the third quarter more than analysts forecast as above-target inflation, deteriorating fiscal accounts and rising interest rates sapped confidence and crimped investment. Swap rates fell.
The Portuguese government is raising about 578 million euros ($783 million) from the disposal of a 70 percent stake in the country’s 493-year-old postal service after setting the price at the top of its announced range.