Brazil says to launch new benchmark BNDES loan rate in 2018
BRASILIA, March 31 Brazil's government will overhaul in 2018 the benchmark interest rate that state development bank BNDES uses for long-term corporate loans, the Planning Ministry said in a statement on Friday, in a step to reduce costly subsidies.
The so-called TJLP lending rate, currently set on a quarterly basis by the National Monetary Council, will be replaced for a new rate based on yields paid by inflation-linked NTN-B bonds, the Planning Ministry said. (Reporting by Silvio Cascione; Editing by Chizu Nomiyama)