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BNDES repays 30B reais to Treasury before April deadline

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BNDES repays 30B reais to Treasury before April deadline

Banco Nacional de Desenvolvimento Econômico e Social, or BNDES, has returned 30 billion Brazilian reais to the government ahead of schedule; previously the bank had said it would repay that amount in April, Valor Econômico reported.

The payment transaction could be delayed, however, due to bureaucratic reasons, Paulo Rabello de Castro, the head of the state-run development bank, reportedly said. The allocation is the first of the two tranches of repayment, totaling 130 billion reais, that the government is asking the bank to return to the Treasury in 2018.

The remaining 100 billion reais will be repaid around August, Rabello de Castro said, but added the payment could be made either in July or September depending on BNDES' cash flow.

Under the leadership of previous Presidents Luiz Inácio Lula da Silva and Dilma Rousseff, the National Treasury had transferred more than 500 billion reais into BNDES. The development bank returned more than 100 billion reais in 2016 and about 50 billion reais in 2017 to the state, which is struggling with a budget deficit in the aftermath of the country's severe recession.

As of March 21, US$1 was equivalent to 3.29 Brazilian reais.