Brazil to buy $10m of IMF funds
The Brazilian central bank has announced that it will buy $10 million (£6.1 million) worth of bonds from the International Monetary Fund (IMF) to help provide financing for emerging countries.
Brazil joins China and Russia in purchasing the debt, while the remaining BRIC country, India, may also join in investing.
Joydeep Mukherji, a sovereign risk analyst at Standard and Poor’s in New York, said that the decision to buy the bonds marked a "statement to the world" by the countries, which may interest Brazilian property buyers.
Brazil’s central bank is yet to decide which assets to sell from its reserve portfolio in order to generate the finances needed to buy the IMF securities, said the country’s finance minister, Guido Mantega.
"This is an investment that Brazil is doing with part of its reserves and making available financing so that the IMF may help emerging countries," he added.
Meanwhile, James Gonzalez, market analyst at Obelisk Investment Property, recently highlighted the strength of the South American country’s economy, saying that this made it attractive to people considering buying Brazil real estate.
