Brazil’s government doesn’t need to sell bonds denominated in dollars “at any cost” because it has already met 80 percent of its external financing needs for 2010, Deputy Treasury Secretary Paulo Valle said.
“We already have dollars,” Valle said in an interview during a conference in London today. “We don’t need to issue at any cost.”
Brazil’s government needs about $7 billion in external financing per year and already has met 80 percent of that amount and has about $250 billion of international reserves, Valle said. The treasury yesterday cancelled a sale of notes due in 2021 after receiving no bids it found acceptable.