BRASILIA, Feb 9 (Reuters) - Brazil has spent $61 billion on foreign exchange intervention since early October as the central bank stepped in because of a slump in overseas credit lines, Central Bank President Henrique Meirelles said on Monday.
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Source: www.reuters.com
The central bank has sold $14.3 billion of the U.S. currency on the spot foreign exchange through Jan. 29 as demand for the U.S. currency surged during a downturn in global markets.
The bank has also sold some $33.3 billion in foreign exchange swaps, which work like the sale of dollars in the futures market, and $13.4 billion of dollar repurchase agreements in the same period.
Last week the central bank said it stood ready to lend up to 18 percent of its $200 billion of international reserves to help domestic companies roll over foreign obligations.
Still, Meirelles said foreign credit lines to Brazil have gained steam and are near the levels seen before the collapse in global markets in September.
"We are already approaching the pre-crisis levels," Meirelles said at a seminar.
(Reporting by Isabel Versiani; Writing by Elzio Barreto; Editing by James Dalgleish)
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