• Banco Central do Brasil announced a currency intervention program
• It will inject at least $60 billion into the FX market by year-end to support the country’s currency (the real)
• The real recently hit five-year lows
• The bank will offer $500 million in currency swaps and derivative contracts on Mondays through Thursdays,
• On Fridays, it will offer $1 billion on the spot market through repurchase agreements
• The program starts on Friday and runs until December
• It may announce additional auctions if it sees fit.