Brazil c bank chief - IMF deal 'insurance'

Brazil's central bank president, Henrique Meirelles, has said the new IMF loan deal would give Brazil cheap insurance against international market volatility. But officials said they did not intend to draw on a $14 billion loan package from the IMF announced last week.

Source: Reuters

A new IMF package would provide Brazil with cheap insurance against swings in the international markets and give a stamp of approval to the president's policies, Brazil's central bank governor said on Friday.