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BNDES returns 30B reais to Brazilian Treasury, schedules future payments

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BNDES returns 30B reais to Brazilian Treasury, schedules future payments

Banco Nacional de Desenvolvimento Econômico e Social repaid some 30 billion reais to the Brazilian treasury, the institution said in a statement.

As result, the development bank has now repaid some 340 billion reais in debt owed to the state since it began the effort in 2015. BNDES said it plans to pay down another 23 billion reais before the end of the year.

CEO Joaquim Levy had announced the payment earlier this week. The bank was formally asked to return 126 billion reais of funds to state coffers in 2019, almost 5x the 26 billion reais repayment previously considered.

The administration of President Jair Bolsonaro has promised to recover what it has called "extremely expensive" subsidies granted to BNDES by previous governments.

As of May 30, US$1 was equivalent to 3.96 Brazilian reais.