Brazil announces $13bn economic stimulus program

Friday 25 July 2014 16.43
The plan hopes to boost an economy facing its fourth year of sluggish growth
The plan hopes to boost an economy facing its fourth year of sluggish growth

Brazil's central bank announced plans to ease banks' reserve requirements, freeing up $13 billion in a bid to stimulate lending and boost an economy facing its fourth year of sluggish growth.

The new measure, which reduces the minimum reserves that banks will be required to keep on hand, comes as President Dilma Rousseff tries to reinvigorate the economy heading into October elections in which she is seeking a second four-year term.