Mantega Market Actions Meant to Slow Real Rally: Brazil Credit
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Brazil is stepping up efforts to stem a three-month currency rally as a planned $32 billion share offering by state-run Petroleo Brasileiro SA drives the real to the strongest level since December.
Finance Minister Guido Mantega told investors in a Sept. 9 speech that he wouldn’t “allow” the real to keep gaining as central bank traders boosted dollar purchases in the foreign- exchange market. The bank held two daily auctions on three days last week to buy dollars, marking the first time since May that it opted for more than one round of purchases.