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Brazilian government not ending Caixa's FGTS exclusivity, CEO says

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Brazilian government not ending Caixa's FGTS exclusivity, CEO says

Caixa Econômica Federal CEO Pedro Guimarães denied the Brazilian government is considering terminating the state-run bank's exclusivity in the management of the FGTS workers' fund, Valor Econômico reported.

Brazilian President Jair Bolsonaro said he will veto any amendment by Congress to break Caixa's monopoly, Estadão reported separately.

"If Congress decides to break Caixa's monopoly, I will veto it under the guidance of the economy ministry itself," the president said in a social media post.

The news come after an O Globo report had claimed the government wants to allow private banks to participate in the fund's operations.