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Brazil Central Bank Said to Expand Repo Loans’ Maturity

Brazil’s central bank is making headway toward its goal of reducing the use of short-term maturities for repurchase agreements, transactions used to take liquidity out of the financial markets, a government official with direct knowledge of the matter said.

Six-month repurchase agreements, known as repos, increased to 267 billion reais ($131 billion) from 163 billion reais in November, while overnight repos fell to about 70 billion reais from 130 billion reais, according to the official, who asked not to be identified because the numbers aren’t public yet.

The Brazilian monetary authority uses repos to pull short-term funds from the financial system and maintain the Selic rate around its 7.25 percent target. Switching to longer-term maturities lowers risks to the government by reducing the frequency the central bank must roll over debt.

Three-month repos rose to 70 billion reais from 7 billion reais in the period, the official said, adding that the central bank has a total of 600 billion reais of repo transactions outstanding.

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