December 22, 2017 / 2:08 PM / a year ago

Brazil lowers interest rate benchmark on BNDES loans to 6.75 pct

BRASILIA, Dec 22 (Reuters) - Brazil has cut the benchmark interest rate on loans from state development bank BNDES by 25 basis points to 6.75 percent, maintaining a slight discount to central bank rates as it moves slowly towards a market-based system.

The move on Thursday by the National Monetary Council - comprised of the heads of the Finance Minister, Planning Minister and central bank - sets the so-called TJLP rate lower than the benchmark overnight lending rate of the central bank, which was trimmed by 50 basis points to an all-time low of 7 percent this month. (Reporting by Marcela Ayres; Writing by Bruno Federowski; Editing by Daniel Flynn)

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