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Brazil BNDES President: Government Right To Reduce Forex Volatility

SAO PAULO -(Dow Jones)- The Brazilian government is right to step in to reduce volatility in the foreign exchange market, according to the president of the government-run national development bank, or BNDES. "The government has to mitigate the increased volatility in the currency, this week when the [dollar] hit BRL2.10 the government stepped in to the market to prevent volatility," Luciano Coutinho told reporters after a meeting of business leaders at the National Confederation of Industries, or CNI. "It's part of the game. All the central banks step into the market to avoid excessive volatility." Brazil's currency has been caught up in a wave of volatility associated with fears about the European sovereign-debt crisis, and the real sold off sharply, touching a weak point of BRL2.10 per dollar earlier this week. Since late last week, the central bank has been selling dollar swap contracts, and the currency has since recovered much of its losses. Friday at 1556 GMT the real was trading at BRL1.9962. Meanwhile, the official said that changes made on Thursday to rules governing lending to Brazilian mining bellwether Vale SA (VALE, VALE5.BR) were "normal" for a company of that size. It doesn't mean that lending to Vale is going to rise significantly, Coutinho said. With the change, Brazil's government included Vale alongside oil and gas heavyweight Petroleo Brasileiro SA (PBR, PETR4.BR) and electric power company Centrais Eletricas Brasileiras SA (ELET6.BR) as special beneficiaries of BNDES lending. Coutinho said that despite the ongoing euro-zone crisis and global uncertainty, investment decisions in Brazil are being maintained. He said he's optimistic that investments will grow more than private-sector economists predict this year. The BNDES is still on track to lend 150 billion Brazilian reais ($75 billion) this year, Coutinho said. -By Rogerio Jelmayer, Dow Jones Newswires; +55 11 3544 7071; rogerio.jelmayer@dowjones.com (Matthew Cowley contributed to this article.)

Stock News for Companhia Vale Do Rio Doce (VALE)
DateTimeHeadline
07/28/201418:10:48Brazilian Stocks Close Lower; Real Stronger Against Dollar
07/24/201410:20:21Brazil's Vale Posts Record 2Q Iron-Ore Output
07/24/201409:57:32Brazil's Vale Posts Record 2nd-Quarter Iron-Ore Output
07/17/201413:06:40Brazil's Vale Signs $2.5 Billion Financing Agreement With Bank...
07/17/201408:24:55Zambia Jan-May Copper Output Up 18% on Year on Expansions
06/04/201417:31:41Brazil's Suzano to Buy Forest Assets for BRL529 Million
06/03/201422:30:15Iluka Agrees Titanium Venture With Vale in Brazil
05/16/201416:55:55ADR Shares End Higher; Total, Baidu Shares Active
05/16/201414:30:14Rio Tinto Assures Guinea on Iron-Area Project
05/12/201404:37:37Obtala Gets Further Order for Timber Railway Sleepers from Vale
05/08/201418:23:44Brazil's Vale Unsure When New Caledonia Nickel Output To Resume
05/08/201407:07:03Emerging-Market Currencies Higher--Update
05/08/201406:50:16Nickel Hits 2-Year High on Supply Fears
05/05/201414:50:38Eike Batista Returns to Brazil's Ibovespa Index
05/05/201414:38:19Eike Batista's MMX Mineracao e Metalicos Joins Ibovespa Index
04/30/201418:34:46Vale Earnings Fall on Sliding Iron-Ore Prices -- 2nd Update
04/30/201411:49:46Vale Earnings Fall on Sliding Iron-Ore Prices -- Update
04/25/201408:40:10Brazil Court Rules in Favor of Vale
04/25/201408:00:12Brazilian Court Rules in Favor of Vale in Foreign-Tax Dispute
04/15/201417:02:39ADR Shares End Lower; Infosys, Diageo Shares Active

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