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Brazil announces $13 billion credit stimulus

A man arrives at the Brazilian Central Bank building in Brasilia, on May 29, 2012Brazil’s central bank said Friday it would ease banks’ reserve requirements, freeing up $13 billion to stimulate lending and boost an economy facing its fourth year of sluggish growth. The new measures, which also loosen the rules on lending to small businesses, come as leftist President Dilma Rousseff heads into October elections in which she is seeking a second four-year term. “The central bank decided to adopt measures to improve the distribution of liquidity in the economy,” the bank said. The bank also changed the way it calculates the reserves banks must keep on hand to cover their outstanding loans, basing the amount on the number of payments remaining rather than the total term of the loan.

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