Reuters: Bankruptcy News: Brazil gives some exporters more time to settle FX contracts

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Brazil gives some exporters more time to settle FX contracts Oct 23rd 2013, 14:52 SAO PAULO | Wed Oct 23, 2013 10:52am EDT SAO PAULO Oct 23 (Reuters) - Brazilian exporters facing financial problems will be given more time to settle their foreign exchange contracts, the central bank said on Wednesday, adding that the change will have no impact on the currency market. Brazil does not allow companies to keep foreign currency in the country and exporters need to convert their dollars into reais within 750 days of signing a foreign exchange contract related to their exports. But exporters under special circumstances, such as those filing for bankruptcy protection, will have as many as 1,500 days to settle those contracts, according to a new central bank rule. The central bank will determine which cases may benefit from the new rules, a bank spokesman told Reuters.

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