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On September 21, 2017, the Brazilian Government finally converted into law the Executive Act No. 777/2017, which created the new market-based rate (TLP) that will replace the long-term corporate lending rate (TJLP) as a benchmark for loans granted by the Brazilian Development Bank (BNDES). By adopting this measure, BNDES is trying to reduce subsidized lending, apply stricter criteria for financing and achieve a steep increase in the benchmark interest rate it has long used.

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