Brazil 'to invest in IMF bonds'
Date added: 12th June, 2009 at 09:22
(view all articles from June, 2009)
Categories: Economy
Investment in Brazil could remain a tempting proposition for many with the news that the country plans to buy $10 billion (£6 billion) worth of bonds from the International Monetary Fund.
The move is not part of efforts to weaken the US dollar, reports Reuters, with Finance Minister Guido Mantega adding that international transactions in other currencies should also be available.
He adds that, with $200 billion currently available in its reserves to put towards international financing, Brazil is looking to diversify its overseas investment portfolio.
"Most of our reserves are invested in US Treasuries - which are yielding very little, by the way - and other solid instruments," he tells the newswire.
The minister also points out that the move helps to secure Brazil's standing as being perceived as capable of helping other countries financially during times of international economic crisis.
Brazilian president Luiz Inacio Lula da Silva previously told O Globo of his desire to be able to contribute on the international stage.
Following Brazil's attendance at the G20 summit in April, he said: "It's the first meeting in which we weren't treated as if we didn't understand anything."
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