Banco Nacional de Desenvolvimento Econômico e Social loan disbursements declined 35% year over year to 76.47 billion Brazilian reais in the 11-month period through November, according to figures released by the state-run development bank.

Approved loans fell 26% to about 67.48 billion reais in the January-to-November aggregate period from a year earlier, while loan demand dropped 9% to 104.41 billion reais in the period, the BNDES data showed.

As of Dec. 19, US$1 was equivalent to 3.38 Brazilian reais.