Brazilian central bank to sell dollars outright for first time since 2009

It remains committed to floating currency regime

US dollar
Selling dollars: Brazil’s central bank will sell up to $550 million daily in cash

The Brazilian central bank announced on August 14 that it will be selling US dollars outright this month for the first time in a decade.

The move is a change from its usual currency market operations and is in response to greater demand for liquidity in the spot foreign exchange market, says the Central Bank of Brazil in a statement. It is also in response to a reduction in demand for foreign exchange hedging through FX swaps.

The dollar sales will be implemented alongside the central bank’s

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