Brazil Sovereign Fund Can Buy Dollars in Spot Market

Dec. 30 (Bloomberg) -- Brazil’s so-called sovereign wealth fund can be used to make purchases of dollars in the spot market, Treasury official Cleber Oliveira said.

Under a decree published yesterday in the official gazette, the fund’s managers will need authorization from the ministries of finance and planning, as well as the central bank, to make the purchases, said Oliveira, an undersecretary of the Treasury in charge of fiscal planning.

Brazil is seeking to have the fund operational in 2010, Oliveira told reporters today in Brasilia. The fund had 16.3 billion reais ($9.35 billion) on Dec. 24, he said."

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