Brazil's central bank pays to keep money at home

BRAZIL - Brazil's central bank, seeking to stem an outflow of money from the country, offered banks the ability to swap local currency interest rates for dollar-linked yields.

Banks exchanged $1.1 billion of contracts that mature in January 2003 and January 2005 for the dollar-indexed payments coming due in July 2003, the central bank said. Debt holders offered the government more than three times that amount. By locking in the fixed rates for next year in contracts that can't be traded on Brazil

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