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Banco do Brasil to receive 1.65B reais under amended rural credit agreement

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Banco do Brasil to receive 1.65B reais under amended rural credit agreement

Brazil's government will pay about 1.65 billion reais to state-run Banco do Brasil SA as a result of an amended rural credit agreement between the two parties, the bank said.

The funds will be paid as part of a third amendment to the rural credit program called Pesa, which was launched in 2001.

Banco do Brasil said it expects the arrangement to have a "residual impact" on its fourth-quarter 2018 results.

As of Jan. 1, US$1 was equivalent to 3.87 Brazilian reais.