The reduction was over the previous month and was the greatest in the Central Bank’s historic series, which started in 2003. In the year, however, the index presented expansion of 3.01%.
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The institution had net profit of US$ 1.3 billion in the first half of the year. Assets reached US$ 118.5 billion, the largest in its history.
In the first five months of this year, the Brazilian Development Bank (BNDES) disbursed US$ 32 billion, an increase from the same period in 2012.
Saudi Arabia and the United Arab Emirates had announced US$ 8 billion in aid to the country after the ousting of President Mohamed Morsi. The IMF has not had contact with the interim government.
The Fund estimates that the economy of the Middle East and North Africa will be up 3% in 2013 and 3.7% in 2014. The rate is down 0.1 percentage point from April.
There was a decline over April, following bullish and steady periods early on in the year. Over May 2012, the decline was even sharper at 0.7%. Year-to-date, the rate is down 0.8%.
The Brazilian trade balance had a surplus of US$ 198 million last week. Imports grew more than exports.
Revenues of the airline of Abu Dhabi totalled US$ 2.5 billion in the first half. There was growth of 13% in passenger revenues and 19% in cargo.
The National Bank of Abu Dhabi is opening its representative office in São Paulo. The institution’s objective is to provide services to companies and other banks in Brazil.
According to Brazilian Finance minister Guido Mantega, tariffs should be reduced to offset the dollar hike in the past weeks. Tax on items such as steel, fertilizers and glass increased in 2012.
The Arab country was the ninth main buyer of products from these Brazilian companies from January to May, purchasing US$ 217 million. Saudi Arabia and Libya were also among the main importers.
According to Brazil’s Finance minister Guido Mantega, travel, tickets, third-party services and rent expenses will go down the most.
The fund has lowered its 2013 GDP growth estimate from 5% to 4.5%. ‘There is no substitute for a far-reaching relaxation of Israeli restrictions, said IMF mission chief Christoph Duenwald.
In Brazil, 1.4 million automobiles were sold in the first half of 2013, up 8.6% from the same period in 2012. The number of units manufactured was down 7.8%.
