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BRL Holds Onto Session Gains Amid Further Comments On Fiscal Programs

BRAZIL

From Bloomberg:

  • BRAZIL TO ALLOW COVID FINANCIAL AID TO EXPIRE AT YEAR-END
  • BRAZIL TO RETURN TO BOLSA FAMILIA SOCIAL PROGRAM IN 2021

This follows on from comments made by the President earlier. Referencing the new social program, a person from Brazil's economic team noted:

  • There is still no agreement on how to get the program off the ground without breaching the cap, which limits govt expenses and is seen by investors as key to Brazil's fiscal sustainability.
  • Economy Ministry still pushing to de-link public expenditures from inflation in order to finance social program.
  • Emergency constitutional amendment has low chances of being voted until December, the person said.

BRL holds onto session gains (+2.43%) with swap rates 16-21 bps lower across the DI curve.

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