Weekend News / World

Brazil releases $13 billion to boost economy

By Marion Ali, Staff Reporter

Brazil’s central bank has announced plans to boost economic growth by reducing the amount of money commercial banks keep in reserve.

The bank says the measure will free up $13 billion which the banks could lend.

The announcement comes less than three months before presidential elections.

President Dilma Rousseff is seeking a second four-year term in October.

In 2010, when she was elected, Brazilian gross domestic product (GDP) grew by 7.5 percent.

Growth dropped to 2.7 percent in 2011, one percent in 2012 and 2.5 percent in 2013.

(Source: BBC World)

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